iBuying giant Opendoor Technologies (NASDAQ:OPEN) has suffered more than it deserved. In an attempt to transform the real estate industry, the company came under fire over the past few months and it reflected on OPEN stock. It is down 63% over the past six months and is trading below $10 today. The stock was once trading as high as $25 but has been dropping consistently since November. As the company prepares to announce the quarterly results on May 5, it is time to consider your position in OPEN stock.

The stock is an interesting play after the recent free fall. Opendoor has the market and the potential to become a leader in the iBuying industry. The dip in the stock is not because of the fundamentals of the company or the business model but due to the broader real estate industry concerns and the overall market sentiments. Yes, the company did not deliver a good quarter and the loss was wider than expected but it does not justify the massive drop in OPEN stock.

Opendoor has projected revenue between $4.1 billion to $4.3 billion for the quarter and an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) between $30 million and $40 million. Analysts expect the company to report revenue of $4.29 billion this quarter. For the previous quarter, Opendoor reported a revenue of $3.8 billion.

The company is in a growth stage and its revenue is consistently growing. It is entering new markets and has targeted the young and restless who do not want to go through the time-consuming, traditional method of selling their home. With Zillow (NASDAQ:ZG) out of the picture, Opendoor has the potential to target new homeowners and make the most of Zillow’s inventory.

I believe OPEN stock has bottomed out and if the company reports impressive financials with lower losses, the stock might begin the upward journey. However, it is best to wait for the results before making your move.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.