Opendoor Technologies (OPEN) heads into its Q1 earnings report on May 7 with its stock down 12% in 2026. The stock currently trades around $5.11.
Opendoor Technologies Inc., OPEN
The housing market remains a tough backdrop. High mortgage rates, elevated home prices, and low inventory have kept pressure on the ibuying model.
Options traders are pricing in a move of about 8.77% in either direction when results hit. That’s a decent swing for a stock that’s already been volatile.
Wall Street is expecting an EPS of -$0.09 for Q1. That would be an improvement on the -$0.12 posted in the same quarter last year.
Revenue is forecast at around $666 million. That’s a steep drop from the $1.15 billion Opendoor reported in Q1 2025.
Despite the revenue decline, there were some bright spots in Q4. Home acquisitions rose 46% quarter-over-quarter, and homes under contract jumped more than 300%.
The flip side: gross margin fell to 7.7% and contribution margin dropped to 1%. Revenue came in at $736 million for Q4, down 20% from Q3.
Weekly acquisition volumes were also at or below the low end of targets. Not a clean quarter by any measure.
Alliance Global Partners analyst Gaurav Mehta is one of the more bullish voices heading into earnings. He set a price target of $8, implying roughly 44% upside from current levels.
Mehta is focused on Opendoor’s goal of reaching adjusted net income breakeven over the 12 months leading to year-end. He also sees room to expand market share and product offerings.
On TipRanks, OPEN holds a Hold consensus — 2 Buys, 2 Holds, and 1 Sell. The consensus price target sits at $6, about 17% above where the stock trades today.
Then there’s Eric Jackson of EMJ Capital. He reiterated an $82 price target in April — that’s roughly 1,400% above the current price. He’s also floated $200 and $500 as longer-term targets.
Jackson was instrumental in the CEO change last year, after which retail investors briefly sent the stock up 1,000% in a matter of days. The current reaction has been far calmer, though OPEN is still up around 630% over the past year.
His thesis is straightforward: the housing market is beginning to improve, and there’s typically a two-quarter lag before that feeds into Opendoor’s results. That points to a stronger back half of 2026.
OPEN jumped 15% in April, partly on the back of Jackson’s bullish commentary making the rounds with investors.
The stock has meme-stock tendencies, and that’s worth keeping in mind. Risk tolerance matters here.
Opendoor reports Q1 earnings on May 7, with revenue expected at ~$666 million and EPS at -$0.09.
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