Opendoor Technologies Inc (NASDAQ:OPEN) shares were trading higher in the pre-market session before pulling back and turning negative. The company announced an executive shakeup Monday morning. Here’s what you need to know.
- Opendoor Technologies stock is feeling bearish pressure. What’s behind OPEN decline?
What To Know: Opendoor on Monday announced that Lucas Matheson has been appointed president of the company, effective on Dec. 22. Matheson most recently served as CEO of Coinbase Canada and previously spent five years at Shopify.
Matheson will oversee corporate development, financial planning and emerging strategic initiatives. The company noted that his duties will include Opendoor’s plans to explore how blockchain technology and tokenization might create new pathways to homeownership.
Christy Schwartz was also appointed CFO, effective on Jan 1, 2026. Schwartz had been serving as interim CFO of Opendoor and was selected to take the position after several conversations with public-company CFOs.
“We looked everywhere. We talked to CFOs from nearly every sector. And we realized the person with the deepest command of our business, the trust of every team, and the bias for action we need was already here,” said Kaz Nejatian, CEO of Opendoor.
OPEN Analysis: Opendoor is currently facing bearish pressure, trading significantly below its key moving averages. The stock is 12.5% below its 20-day SMA and 14.3% below its 50-day SMA, indicating a struggle to maintain any upward momentum.
The RSI is currently at 42.70, which is considered neutral territory. This suggests that the stock is neither overbought nor oversold, but traders should watch for any shifts that could signal a change in momentum. MACD is below its signal line, indicating bearish pressure in the near term.
Key support is set at $5.00, which is crucial for maintaining the current price level. If this support is breached, it could signal a continuation of the downtrend, while a bounce off this level may provide a buying opportunity.
Over the past 12 months, the stock has seen a remarkable increase of 239.86%. This strong performance highlights the potential for recovery, but the current technical setup indicates that traders should be cautious and watch for signs of a reversal.
OPEN Price Action: Opendoor shares were down 2.59% at $6.38 at the time of publication on Monday, according to Benzinga Pro.
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