OpenDoor Technologies (NASDAQ:OPEN) was founded to automate the back-end of housing retail. That’s a laudable goal. But OPEN stock is not content being the dealer in this market. Instead, the company has become a player, raising cash to buy houses on its own.
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This means the numbers it reports have nothing to do with the technology investment case. The stock spiked 17% earlier this month after reporting a loss of $144 million, or 24 cents per share, on revenue of $1.2 billion. But the stock is still down on the year.
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