A sweeping reset has yet to translate into financial gains, leaving investors divided over whether the turnaround is moving quickly enough.
- Nejatian says Opendoor spent much of the past year fixing legacy tech and operational issues, while targeting adjusted net-income breakeven by year-end.
- The CEO pushed an AI-first, leaner model, accelerated home acquisitions and expanded mortgages, but revenue fell 44% in the latest quarter, and losses widened.
- Wall Street remains cautious while longtime bull Eric Jackson sees massive upside, even as retail interest in the stock has faded sharply.
Opendoor Technologies CEO Kaz Nejatian, whom the real estate company poached from Spotify, is set to complete a year at the helm, but his report card has been lackluster so far.
Nejatian has led a series of changes at the firm, including making it leaner and expanding its focus into adjoining areas like mortgages. But Opendoor’s revenue has continued to fall quarter after quarter, while losses have widened. The stock price, which has largely lost the sizzle it enjoyed during the meme-stock mania about a year ago, reflects that.
Opendoor: CEO Defends Turnaround
In an X post, the CEO admitted the work so far had not been enough, with much of the effort going toward fixing legacy issues and leaving little room to pursue the kind of massive growth he is targeting.
“We need to do better. A lot of the past year has been just fixing foundational issues that had been ignored for years,” Nejatian said in the X post, responding to a user seeking a community view on the progress made at Opendoor under Nejatian.
“I think we are making insane amount of progress,” he said, while acknowledging there are still “original sins in Opendoor’s tech design that we are currently fixing.”
He added that the company expects to have “fixed them all this year” and reiterated a goal of reaching adjusted net-income breakeven on a 12-month go-forward basis by year-end.
He also defended the company’s approach to fixing legacy problems, saying some issues could have been addressed with quick fixes but “would make the company impossible” to scale because operating expenses would rise linearly with volume.
Opendoor: Nejatian Cleaned House, Shifted Focus
Since taking over on Sept. 10, 2025, Nejatian has pushed Opendoor through a sweeping “Opendoor 2.0” reset, centered on a leaner, AI-first operating model, tighter unit economics and a renewed focus on home acquisitions.
The company returned to the office, cut reliance on consultants, rolled out more than a dozen AI-powered products and features, and began consolidating fragmented workflows; headcount has fallen sharply, including the June 2026 shutdown of its India operations.
On the core business, Nejatian accelerated acquisitions while introducing a public acquisition-contract dashboard, with homes purchased rising 77% quarter-over-quarter in Q2 2026. He has also made a major push into mortgages, turning Opendoor Home Loans into a more central part of the company.
However, Opendoor’s top and bottom lines remain worrisome. Last quarter, revenue dropped 44% to $883 million, while net loss more than quintupled to $162 million. Opendoor shares are down 46% in 2026.
Opendoor emerged as a top meme stock, surging more than 2,000% in a two-month stretch last year, but has since slid steadily, frustrating some traders.
OPEN Stock: Eric Jackson Still Optimistic
Still, EMJ Capital founder Eric Jackson, the original investor whose bullish take pumped the stock last year, remains aggressively optimistic Opendoor, arguing that the company’s turnaround under Nejatian is being underestimated by Wall Street.
In March, he said Opendoor’s new strategy could make his already-bullish valuation assumptions too conservative. He subsequently became even more bullish, arguing in June that OPEN could reach $500 a share over five to seven years — a dramatic increase from his earlier $82 target — if Opendoor builds the infrastructure to tokenize real estate.
Jackson has framed Opendoor as a “cult stock,” comparing its loyal shareholder base and potential to Tesla and Palantir. His broader argument is that Opendoor can evolve from an iBuyer into a technology platform that connects buyers and sellers, with AI, mortgage products and eventually tokenized real estate expanding its addressable market.
However, he has stayed silent on the stock, with the last mention of Opendoor or $OPEN coming at the end of August, in a Substack post saying he was positive because trailing 28-day revenue “went positive year over year” versus being negative just four weeks before.
Analyst, Retail View On OPEN
Analysts are daily uncertain here. Currently, five of the nine covering OPEN stock rate it ‘Hold,’ two rate it ‘Buy’ or higher and the remaining two rate it ‘Sell’ or lower, per Koyfin. Their average price target of $8 implies a 70% upside from the stock’s last close.
However, Opendoor has clearly lost the appeal it once had with retail investors. On Stocktwits, message volume for the stock dipped nearly 100% over the past 12 months while the sentiment reading remained ‘bearish’ for most part of the last 30 days. “$OPEN everything green and this just continues to BLEEEEED,” said a trader.
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