TLDR
- Opendoor (OPEN) reports Q1 earnings on May 7, with options traders pricing in an ~8.77% move
- Wall Street expects EPS of -$0.09, improved from -$0.12 a year ago; revenue seen at ~$666M, down from $1.15B
- OPEN stock is down 12% this year, pressured by high mortgage rates and weak housing market conditions
- Q4 showed a 46% jump in home acquisitions quarter-over-quarter, but revenue fell 20% in the same period
- One bullish investor, Eric Jackson of EMJ Capital, holds an $82 price target on the stock
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.
What Analysts Are Watching
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.
The Bull Case
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.
🚨 Our April Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for April, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
