Opendoor's stock fell Monday after a downgrade at Wedbush, which cited a dearth of homes for sale and tightening credit standards.
Opendoor Technologies Inc. shares took a hit Monday, as Wedbush analyst Jay McCanless backed away from his longtime bullish call on the provider of home-buying and -selling services, citing a dearth of homes for sale and tightening credit standards.McCanless... Opendoor Technologies Inc.
“For iBuying to thrive, we believe product availability as well as access to financing for the iBuyers and their retail customers are important ingredients,” McCanless wrote in a note to clients. “The current market, however, has a dearth of existing home inventories, tightening credit standards for corporations, and consumer mortgage credit availability has plummeted to levels not seen since 2012.
An iBuyer is a company that makes an offer on a home for sale instantly, and if the offer is accepted, will market and resell the home.Although mortgage rates have been relatively stable over the past several months, the fact that they have roughly doubled over the past few years is acting as a “disincentive” for existing homeowners to move, McCanless said.
“At some point, one or all of these factors should improve, but in the near term, we do not see a catalyst to reverse those headwinds,” McCanless wrote. The stock has run up 32.8% year to date through Friday but has plunged 78.3% over the past 12 months. In comparison, the S&P 500 SPX has gained 7.7% this year and has slipped 3.2% over the past year.
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