Opendoor Technologies Inc (OPEN)

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The following is from a larger article on missteps made by Zillow over the summer. Buying too many homes during the summer peak will cost Zillow over $500MM over Q3 & Q4 according to Barron's.

The largest iBuying player is Opendoor Technologies (OPEN). The $14.5 billion market cap company was founded in 2014 and went public at the end of last year via a special-purpose acquisition company merger. The majority of Opendoor’s $1.2 billion in second-quarter revenue came from the sale of homes. Opendoor has navigated pricing in the housing market better than Zillow, says Wedbush’s Arounian, citing the companies’ adjusted gross profit margins.

“There’s certainly going to be movement in the housing market, but we feel very well equipped to identify those movements and adjust,” Eric Wu, Opendoor’s CEO, tells Barron’s. Opendoor operated in 39 markets as of July and is expanding its services. The company on Friday said it had acquired RedDoor, a digital mortgage brokerage.