Opendoor Technologies, Inc. (NASDAQ:OPEN) shares jumped in Wednesday’s extended trading session after Jane Street disclosed a stake in the company.
- OPEN stock is trading higher. See the real-time price action here.
Jane Street Joins the OPEN Army
Jane Street Group disclosed in a 13G filing that it collectively holds 44,031,310.18 shares, which represent 5.9% of Opendoor's total outstanding common stock.
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Schedule 13G is a filing required by the SEC when an entity acquires beneficial ownership of more than 5% of a registered class of a company's equity securities, and fits certain criteria — usually passive investors or institutions, not intending to change or influence control of the company.
New Home Sales Jump
Opendoor shares gained 16.24% in Wednesday’s regular trading session after the release of an upbeat new home sales report boosted investor optimism.
The data showed a big jump in new single-family home sales — August hit a seasonally adjusted annual pace of 800,000, surging 20.5% over July and up 15.4% year-over-year.
Strong housing demand momentum bodes well for companies like Opendoor, as a strong backdrop could push sales volumes, boost revenues and improve margins for those involved in home sales and financing.
The median price for new houses sold in August increased to $413,500, beating last month and 2024. Rising prices could mean bigger margins and higher portfolio values for Opendoor.
OPEN Price Action: Opendoor stock traded 9.35% higher at $9 in Wednesday’s extended trading, according to Benzinga Pro.
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