Opendoor (NASDAQ:) Technologies, the notable fintech company, saw a significant 5.2% decline in share value on Monday. The drop is largely due to Citigroup (NYSE:)’s decision to lower its price target for Opendoor from $3.90 to $2.70, while maintaining a neutral rating for the company.
The recent decrease in Opendoor’s share value was also impacted by comments made by the U.S. Federal Reserve last week. The Fed’s suggestion that interest rates would not fall as much as previously expected resulted in a decline in shares of several fintech firms, including Opendoor, Affirm Holdings (NASDAQ:), and Block.
Despite this downturn, Opendoor’s shares have shown substantial growth this year. With shares currently priced at $2.44, the company has more than doubled its value. Opendoor operates within the real estate e-commerce sector, offering a cutting-edge platform for property transactions.
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