By Kuldip K. Ambastha
On Monday, October 18, 2021, real estate e-commerce websites were in the public eye through Zillow Group, Inc. (ZG) falling (-9.4%) and Opendoor Technologies Inc. (OPEN) rising (+3.1%) for the trading day. This bifurcated path occurred because of starkly different perspectives voiced by the leadership teams of the two companies. Specifically, Zillow announced a pause in new home purchases for the rest of 2021 as it tries to work through a backlog of constructions, renovations, and closings related to its existing holdings in an economic environment where labor and supply constraints are present. In contrast, Opendoor has stated it is maintaining new home purchases. Wall Street bid down Zillow and bid up Opendoor due to these announcements.
Keywords – Zillow Group, Inc., Zillow Group, Zillow, ZG, Opendoor Technologies Inc., Opendoor Technologies, Opendoor, OPEN, real estate, e-commerce, technology, tech, buy, sell, home, homes, leadership, bid down, bid up.
Disclosure – The principals and clients of Ambastha Financial LLC have no positions in ZG or OPEN.
Disclaimer – No recommendations are being made via this post. Past performance is not an indicator of future performance. As an investor, you should do your own research and seek professional advice from a Registered Investment Adviser (RIA). You can lose money by investing in stocks and other instruments. Ambastha Financial LLC does not assume any responsibility (legal or otherwise) for any losses that may occur as a result of actions taken based on this post. All content copyrighted © 2021 – Ambastha Financial LLC.
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