Opendoor: The Future ‘Amazon Of Real Estate’ At A Compelling Valuation


  • Like many SPACs, Opendoor has seen its stock get obliterated amidst the tech stock crash.
  • The stock is trading just around $1 per share – the original SPAC price was $10 per share and the stock previously traded higher than $30 per share.
  • Unlike most SPACs, Opendoor had been crushing its initial SPAC estimates heading into this year.
  • The tough macro environment has significantly elevated the risk for the real estate i-Buyer.
  • Opendoor has already launched its third-party Marketplace offering in select cities – that represents a sizable long term opportunity.

Residential District With Luxury Villas, Walking Path And Palm Trees

onurdongel/E+ via Getty Images

Amidst a rising interest rate environment, Opendoor (NASDAQ:OPEN) has found its stock price and its fundamentals thrashed left and right. This is a name which had previously distinguished itself as one of the few SPACs

Data by YCharts

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2022 Q3 Shareholder Letter

homes acquired

2022 Q3 Shareholder Letter

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2022 Q3 Shareholder Letter

adjusted EBITDA

2022 Q3 Shareholder Letter

mortgage rates

2022 Q3 Shareholder Letter


2022 Q3 Shareholder Letter

PSU plan

2022 DEF14A

Disclosure: I/we have a beneficial long position in the shares of OPEN, AMZN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I am long all positions in the Best of Breed Growth Stocks portfolio.

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