Million

Resistance

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>On August 4, OPEN stock lost 26.33% of its trading value compared to its last closing price. </a> </li> 
 <li> <span>2</span> <a>A day before the sudden decline, Opendoor Technologies, Inc. reported more revenue than estimated figures in Q2 2023.</a> </li> 
</ul> 
<p>NASDAQ: OPEN stock is showing bearish momentum as it was trading below $4 before the breakout prices were trading near the upper resistance level. Sellers were barring the path of OPEN share buyers; by the end of the session, the price had started trading near the support level of $3.50.</p> 
<p>Despite intraday losses of 26.33%, OPEN stock price declined over 15% in a week and 17.29% in a month. As per the estimation, the annual price target of Opendoor Technologies, Inc. stock is $3.25, around 8.33% lower than the current trading price.</p> 
<p>OPEN stock is trading below the 20 &amp; 50 day EMAs. Moreover, the stock recently bypassed the 100 and 200 days EMA. In the past trading session, trading volume of the OPEN stock was 47.547 Million, which comprised the majority of sellers.</p> 
<p>Opendoor Technologies, Inc. impressed its investors by reporting 7.65% more revenue than estimated figures in Q2. It released its earnings on August 3, but in its following trading session, price declined over 26.33%.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/6Uspj2y_sp3dWSnuZ233gswomiz48rlpvDW6VeOpQb4F217676pNb5S5w3lMa-QOh8jaI7JYlo32JhJwBWGOmh2nAFeK8bSlvqQt7bC34EEbtW228BZBSpqQtIearN2kvFpGOeDQc4V7YRJp8kBJz70" alt="OPEN Stock Lost Over 26% Intraday Despite Positive Earnings"> 
  <figcaption class="wp-element-caption">
    Source: OPEN stock price from TradingView&nbsp; 
  </figcaption> 
 </figure> 
</div> 
<p>If sellers continue their aggressiveness in the coming sessions, then the price might face immediate support of $2.80, and if bearishness continues further, it might see the following possible support of $2.39.</p> 
<p>A group of analysts also believes that if buyers succeeded in capturing the positions, then prices might face resistance of $5.47, and in the case of more buyers, prices might jump above $6.28.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-opendoor-technologies-inc-earnings-revenue-strong"><strong>Opendoor Technologies Inc Earnings &amp; Revenue</strong></h3> 
<p>In Q1 &amp; Q2 2023, <a href="https://www.thecoinrepublic.com/2023/07/30/trending-music-nfts-on-opensea-that-investors-should-check-out/" target="_blank" rel="noopener noreferrer nofollow">Opendoor Technologies, Inc</a>. reported 15.20% and 7.65% more revenue than expected. But the sudden decline in the price of the OPEN stock after reporting positive revenue indicates that some giant investors might have pulled off a significant amount of funds in the last trading session.</p> 
<p>Earnings per share (EPS) also reflected profitability in Q1 2023 reported EPS was 73.92% greater than the estimated EPS. In Q2, the reported EPS was 110.75% more than the projected EPS. In the financial year 2022, the company’s estimated revenue was $15.22 Billion, but it reported $15.57 Billion in revenue.&nbsp;</p> 
<p>TradingView data shows 508.913 Million <a href="https://www.thecoinrepublic.com/2023/07/30/opensea-how-to-create-buy-and-sell-nfts-on-this-marketplace/" target="_blank" rel="noopener noreferrer nofollow">OPEN </a>shares are free-floating, and the remaining 139.864 Million shares are closely held by the company’s financial backers or the board of directors.</p> 
<p>In the financial year 2022, revenue to profit conversion of the company constitutes 4% of gross profit, -5% of earnings before interest, taxes, depreciation, and amortization (EBITDA), -5% of earnings before interest and taxes (EBIT) and -9% of net income.</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>Technical analysis shows OPEN stock investors might not have to worry as there is much more resistance to be faced, and a lot of capability might pull the prices in the upper direction. Key indicators suggest more bullishness.</p> 
<h4 class="wp-block-heading"><strong>Technical Support&nbsp;</strong></h4> 
<p>Resistance Level(s): $4 &amp; $5.47</p> 
<p>Support Level(s): $2.80 &amp; $2.39</p> 
<h5 class="wp-block-heading"><strong>Disclaimer&nbsp;</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

OPEN Stock Lost Over 26% Intraday Despite Positive Earnings

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Thecoinrepublic.com

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