It’s a difficult time for companies in the real estate space. The housing market has seen considerable turbulence amid the many fluctuations of 2022. According to The New York Times, the looming crisis is also worse than many Americans may think. More twists are in store for buyers, sellers and renters, creating an uncertain economic landscape. Today, though, one of the sector’s most innovative names is actually surging more than 25%: Opendoor (NASDAQ:OPEN) stock.
Opendoor has helped revolutionize the real estate space by taking the buying and selling of properties digital. What’s more, although OPEN stock is down 87% year-to-date (YTD), plenty of experts are still firmly behind shares.
InvestorPlace’s Luke Lango has compared Opendoor to Amazon (NASDAQ:AMZN). In a recent bullish case, the analyst likened an OPEN stock investment to buying AMZN stock in 1997:
“Opendoor won’t go bankrupt. The company has a massive first-mover advantage in creating the marketplace for digitally buying and selling homes.”
Lango is still bullish on Opendoor, even after the company laid off 18% of its workforce last week. The analyst remains convinced not only that OPEN stock will rally, but that its currently low price point represents a valuable buying opportunity. He isn’t the only one who believes in its growth potential, either.
5 Investors Betting Big on Opendoor
During the second quarter of 2022, 312 institutional investors reported positions in OPEN stock through 13F filings, down from 316 in the previous quarter. While percentage of ownership has increased from 68.25% to 70.36%, new positions have fallen from from 67 to 48. That’s a decline of more than 28%.
That said, 119 holders have increased their positions, roughly a 10% increase over the prior quarter. The put/call ratio has also decreased more than 16%, falling from 0.48 to 0.40. The number of total puts has fallen while the total call count has risen slightly.
Let’s take a closer look at the top five investors betting on OPEN stock.
- Vanguard Group: 63.02 million shares or 10% ownership.
- Access Industries Management: 53.59 million shares or 8.6% ownership.
- T. Rowe Price Associates (NASDAQ:TROW): 52.49 million shares or an 8.4% stake.
- Khosla Ventures: 46.12 million shares or a 7.4% stake.
- Opendoor CEO Eric Wu: 31.14 million shares or a 5% stake.
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On the date of publication, Samuel O’Brient did not hold (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.
