Opendoor Technologies (OPEN -11.05%) fell 4.2% on Tuesday to close at $3.62, giving back some of last week's 25% surge. The stock's drop comes as the company continues its executive search after CEO Carrie Wheeler's sudden resignation last Friday. Interim leadership has been handed to Shrisha Radhakrishna, Opendoor's chief technology and product officer. The stock remained highly active, with volume surging to over 334 million shares -- well above its 3-month average of 205 million.
The broader market traded lower as well, adding pressure to speculative names. The S&P 500 declined by 0.6%, while the Nasdaq Composite slid 1.5%, as tech and growth stocks saw widespread selling.
Among Opendoor's peers, Offerpad Solutions (OPAD -2.94%) dropped 7.5% to $1.36, while Zillow Group (Z -2.87%) dipped 1.2% to $83.50. The weakness across the real estate tech space suggests cooling investor sentiment, potentially tied to macroeconomic concerns or reduced risk appetite following recent volatility.
Opendoor's stock had rallied over 130% in the past six months, partly fueled by activist investor Eric Jackson's bold $82 price target and viral traction on platforms like Reddit's WallStreetBets. However, uncertainty around the CEO search and longer-term profitability questions remain.
Market data sourced from Google Finance and Yahoo! Finance on Tuesday, Aug. 19, 2025.
