In recent trading activity, Megan D. Meyer, President of Sell Direct & Services at Opendoor (NASDAQ:) Technologies Inc. (NASDAQ:OPEN), sold a significant number of shares in the company. The transactions were executed on two separate occasions, with a total sale value exceeding $119,000.
On March 14, 2024, Meyer sold 4,808 shares at an average price of $2.67, totaling approximately $12,840. The following day, on March 15, she sold an additional 41,311 shares at an average price of $2.58, amounting to over $106,565. Prices for these sales ranged from $2.52 to $2.83 and $2.58 to $2.63, respectively, as per the weighted average reported.
These sales were conducted under a previously established trading plan in accordance with Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. The second sale was specifically made to cover tax withholding obligations related to the settlement of restricted stock awards and was not a discretionary trade by Meyer.
Following these transactions, Meyer’s remaining stake in Opendoor Technologies consists of 4,798,116 shares, indicating her continued investment in the company’s future. Investors and shareholders may request detailed information about the sales at each price point from Meyer if needed.
Opendoor Technologies Inc., known for its innovative real estate platform, enables users to buy and sell properties online, streamlining the traditional real estate transaction process. Despite these stock sales by a high-ranking executive, the company continues to push forward in the real estate technology sector.
InvestingPro Insights
Amidst the recent news of insider stock sales at Opendoor Technologies Inc. (NASDAQ:OPEN), investors are closely monitoring the company’s performance metrics. According to InvestingPro data, Opendoor Technologies currently has a market capitalization of approximately $1.96 billion, reflecting the company’s standing in the market despite recent challenges.
An analysis of the company’s financial health shows a Gross Profit Margin of 7.01% for the last twelve months as of Q4 2023, which underlines the concerns about weak gross profit margins, an aspect that has been highlighted by InvestingPro Tips. Additionally, the company has experienced a significant revenue decline, with a decrease of 55.38% over the last twelve months.
Investors should also be aware that the stock’s price volatility has been notable, with a 29.24% drop in the last three months. This aligns with an InvestingPro Tip that emphasizes the stock’s high price volatility, which could be a critical factor for those considering investment decisions involving Opendoor Technologies.
For those seeking more in-depth analysis and additional insights, InvestingPro offers a range of tips for Opendoor Technologies. Currently, there are 15 additional InvestingPro Tips available that could provide valuable context and guidance for investors. To access these insights and benefit from the expertise of InvestingPro, investors are invited to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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