Opendoor tanks after earnings as CEO thanks new investors for 'increased visibility'
1. Opendoor shares increased nearly fivefold since July but dropped over 20% after hours. 2. CEO highlighted strategic shift away from iBuying to referrals business model. 3. Projected revenue decline of up to 36% year-over-year in the upcoming quarter. 4. Hedge fund manager Eric Jackson predicts potential stock price increase to $82. 5. Persistently high mortgage rates are suppressing buyer demand in housing market.