Opendoor Technologies Inc. (NASDAQ:OPEN) declined 1.93% in after-hours trading Tuesday, closing at $3.55 following a 4.23% drop during regular session to $3.62, according to Benzinga Pro data. The pullback comes after the stock’s extraordinary 500% rally since its June 25 low of $0.51.
Check out how OPEN stock is trading here.
Leadership Shake-Up Drives Momentum
CEO Carrie Wheeler of the San Francisco-based company, stepped down immediately last week amid mounting pressure from activist investor Eric Jackson, who has led retail advocacy for strategic changes. Chief Technology and Product Officer Shrisha Radhakrishna was appointed interim CEO while the board conducts a formal search with Spencer Stuart.
The leadership transition sparked endorsements from high-profile investors including Anthony Pompliano, who disclosed a stake calling the move “a win for retail investors,” and hedge fund manager Paul Tudor Jones.
Retail Investor Activism Reshapes Strategy
The online marketplace trades with a $2.66 billion market capitalization and 329.79 million average daily volume. With a 52-week range of $0.51-$4.97, current levels suggest consolidation after the dramatic rally that delivered 127% year-to-date gains through Tuesday’s close.
Technical Indicators Signal Bullish Momentum
Despite Tuesday’s decline, OPEN maintains strong technical positioning. The stock recently formed a “Golden Cross” pattern, where the 50-day moving average crossed above the 200-day average—a traditional bullish signal for institutional traders.
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