Opendoor's stock surged 300% since hitting a low of $0.51 in June, driven by retail investor interest. Offerpad, an iBuyer competitor, saw its stock rise 438% from a low of $0.92 to a peak of $4.95. Despite these increases, both stocks have faced declines recently. Business fundamentals do not support such spikes, as both companies are reducing home purchases. Opendoor's layoffs and a new app targeted at real estate agents indicate attempts to boost revenue, but analysts caution against high expectations for profitability amid uncertain market conditions.
Opendoor's stock has risen 300% since its lowest point in June, reaching significant heights as retail interest surged during a favorable media cycle.
Offerpad also experienced a remarkable recovery, peaking at $4.95 after a 438% rise from its June low, despite a recent decline.
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