Why Opendoor Technologies Stock Was Tumbling Today
Opendoor is refinancing and taking on new convertible debt. It burned nearly $700 million in operating cash flow over the last four quarters. Shares of Opendoor Technologies (NASDAQ: OPEN), the leading online home flipper, were falling today after the company said it was refinancing convertible debt and taking on new debt, which seems to confirm that the company is struggling to turn profitable, as we saw in its first-quarter earnings report.