Core Viewpoint - Opendoor's stock has significantly declined from a record high of $35.88 to $5, with a market cap of $4.65 billion, indicating it is undervalued based on its sales performance [1]. Group 1: Stock Performance and Revenue Decline - Opendoor's revenue dropped from $15.6 billion in 2022 to $5.2 billion in 2024, with the number of homes purchased decreasing from 34,962 to 14,684 [2]. - In the first nine months of 2025, revenue further declined by 11% year over year to $3.6 billion, with only 6,535 homes purchased [3]. - The adjusted EBITDA margin worsened from negative 1.1% to negative 2.8% between 2022 and 2024, but improved to negative 1.1% in 2025 due to cost-cutting measures [2][3]. Group 2: Market Conditions and Future Outlook - The decline in Opendoor's performance is attributed to the Federal Reserve's 11 consecutive interest rate hikes, which cooled the housing market [3]. - Analysts predict an 18% revenue decline to $4.2 billion for 2025, with an adjusted EBITDA margin of negative 1.9% [4]. Group 3: Strategic Changes and Potential Catalysts - Opendoor has appointed Kaz Nejatian, former COO of Shopify, as the new CEO, and co-founders Keith Rabois and Eric Wu have returned to the board [5]. - The company is enhancing its AI algorithms for better property pricing and forming partnerships with home builders and real estate platforms [6]. - Opendoor is expanding its new marketplace, Opendoor Exclusives, which connects sellers directly to buyers, reducing reliance on its traditional iBuying model [6].