<p>下一代房地产公司 <strong>Opendoor Technologies</strong>(OPEN 6.00%) 在今年夏季的第一个月份并没有看起来像未来的潮流。</p>
<p>六月份，该公司的股票价值损失超过 18%，这并不令人惊讶，因为在月初宣布了一项财务工程。分析师的评级下调也抑制了投资者的情绪。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MjgvdHdvLXBlb3BsZS1jb25mZXJyaW5nLXdpdGgtYW5vdGhlci1wZXJzb24taW4tdGhlLWtpdGNoZW4tb2YtYS1ob21lLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MjgvdHdvLXBlb3BsZS1jb25mZXJyaW5nLXdpdGgtYW5vdGhlci1wZXJzb24taW4tdGhlLWtpdGNoZW4tb2YtYS1ob21lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>分拆计划</h2>
<p>在 6 月 6 日，该公司透露已提交初步监管文件，以准备进行反向股票拆分。它打算在特别会议上将此事项提交投资者投票。</p>
<p>反向股票拆分是一种公司减少其流通股总数的措施。在发布新闻的新闻稿中，Opendoor 引用了首席财务官 Selim Freiha 的话，称此举 “旨在支持长期股东价值，并为我们在保留 <strong>纳斯达克</strong> 上市提供选择。”</p>
<p>该公司表示，计划以每 10 股反向拆分 1 股，最多可达到 1 拆 50。</p>
<p>我应该强调的是，无论是标准拆分还是反向拆分，都不会改变股票的市值；只有流通股数量和价格会被修改。反向拆分的情况下，流通股越少，价格越高。</p>
<p>Opendoor 原本打算在 7 月 28 日（星期一）举行特别股东会议。</p>
<p>该公司容易受到房地产市场下滑的影响，因为它本质上是一个转售商，购买房屋，然后进行装修以便在市场上 “翻转” 并获取利润。当房地产市场上升时，这是一个丰厚的商业模式，但如果市场停滞或下滑，则可能会带来重大麻烦。</p>
<h2>一位分析师变得更加悲观</h2>
<p>随着 6 月的结束，一份新的分析师报告给 Opendoor 的股票蒙上了一层阴影。Citizens JMP 的 Andrew Boone 重新评估了他对该公司的看法，并选择下调对该股票的推荐。现在，Boone 认为 Opendoor 的评级仅为市场表现（即持有），而不是市场超越（买入）。</p>
<p>据报道，Boone 的新观点的依据是他认为 Opendoor 似乎更像是人们试图出售房屋时的备选方案，而不是他们的主要销售方式。他还提到公司的高负债水平，已经变得昂贵。</p>
<p>从积极的角度来看，他表示，Key Connections，一个将合作房地产经纪人与卖家联系起来的新项目，可能会帮助 Opendoor 改善其运势。</p>
<p>在我看来，Opendoor 是一家对如何从房地产中获利有一些有趣想法的公司。然而，它尚未将这些概念转化为可行的业务，因此我会在更多潜在成功的迹象出现之前对其股票持观望态度。</p>

OPEN

<p>Opendoor Technologies 的股票在 6 月份下跌超过 18%，原因是计划进行反向股票拆分以及 Citizens JMP 分析师 Andrew Boone 的评级下调，他现在将其评为市场表现。反向拆分旨在支持长期股东价值并维护其纳斯达克上市地位。Boone 的下调反映了对 Opendoor 作为房屋卖家的次要选择以及其高债务水平的担忧，尽管他提到通过一个新项目将代理人与卖家连接可能带来改善。总体而言，尽管公司有创新的想法，但尚未建立可行的商业模式</p>

<p>Next-generation real estate company <strong>Opendoor Technologies</strong>(OPEN 6.00%) wasn't exactly looking like the wave of the future in the first summer month of this year.</p>
<div class="lb-trans"><p>下一代房地产公司 <strong>Opendoor Technologies</strong>(OPEN 6.00%) 在今年夏季的第一个月份并没有看起来像未来的潮流。</p>
</div><p>June saw the company's stock lose more than 18% of its value, which wasn't all that surprising given a piece of financial engineering it announced toward the start of the month. An analyst's recommendation downgrade also dampened investor sentiment.</p>
<div class="lb-trans"><p>六月份，该公司的股票价值损失超过 18%，这并不令人惊讶，因为在月初宣布了一项财务工程。分析师的评级下调也抑制了投资者的情绪。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MjgvdHdvLXBlb3BsZS1jb25mZXJyaW5nLXdpdGgtYW5vdGhlci1wZXJzb24taW4tdGhlLWtpdGNoZW4tb2YtYS1ob21lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823628%2Ftwo-people-conferring-with-another-person-in-the-kitchen-of-a-home.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Splitsville</h2>
<div class="lb-trans"><h2>分拆计划</h2>
</div><p>On June 6, the company revealed that it had filed the initial regulatory paperwork to prepare for a reverse stock split. It intends to bring the matter to a vote in a special meeting for its investors.</p>
<div class="lb-trans"><p>在 6 月 6 日，该公司透露已提交初步监管文件，以准备进行反向股票拆分。它打算在特别会议上将此事项提交投资者投票。</p>
</div><p>A reverse stock split is a measure in which a company reduces its total number of shares outstanding. In its press release divulging the news, Opendoor quoted CFO Selim Freiha as saying that the move &#34;is intended to support long-term shareholder value and give us optionality in preserving our listing on <strong>Nasdaq</strong>.&#34;</p>
<div class="lb-trans"><p>反向股票拆分是一种公司减少其流通股总数的措施。在发布新闻的新闻稿中，Opendoor 引用了首席财务官 Selim Freiha 的话，称此举 “旨在支持长期股东价值，并为我们在保留 <strong>纳斯达克</strong> 上市提供选择。”</p>
</div><p>The company said it aimed to reverse-split its stock at a ratio of one share for every 10, up to 1-for-50.</p>
<div class="lb-trans"><p>该公司表示，计划以每 10 股反向拆分 1 股，最多可达到 1 拆 50。</p>
</div><p>I should stress here that neither a standard nor a reverse stock split changes the market cap of a stock; only the amount of shares outstanding and the price are modified. The fewer shares, the higher the price in the case of reverses.</p>
<div class="lb-trans"><p>我应该强调的是，无论是标准拆分还是反向拆分，都不会改变股票的市值；只有流通股数量和价格会被修改。反向拆分的情况下，流通股越少，价格越高。</p>
</div><p>Opendoor had intended to hold the special shareholder meeting on Monday, July 28.</p>
<div class="lb-trans"><p>Opendoor 原本打算在 7 月 28 日（星期一）举行特别股东会议。</p>
</div><p>The company is vulnerable to downturns in the housing market, as it is essentially a reseller that buys homes, then spruces them up in order to &#34;flip&#34; them on the market and pocket a profit. This is a juicy business model when housing is on an upswing, but it can produce major headaches if the market is stagnant or heading south.</p>
<div class="lb-trans"><p>该公司容易受到房地产市场下滑的影响，因为它本质上是一个转售商，购买房屋，然后进行装修以便在市场上 “翻转” 并获取利润。当房地产市场上升时，这是一个丰厚的商业模式，但如果市场停滞或下滑，则可能会带来重大麻烦。</p>
</div><h2>An analyst became more bearish</h2>
<div class="lb-trans"><h2>一位分析师变得更加悲观</h2>
</div><p>As June worked its way to a finish, a new analyst report threw a bit of a shadow on Opendoor stock. CItizens JMP's Andrew Boone re-evaluated his take on the company and elected to downgrade his recommendation on the shares. Now Boone believes Opendoor only rates a market perform (i.e., hold) instead of a market outperform (buy).</p>
<div class="lb-trans"><p>随着 6 月的结束，一份新的分析师报告给 Opendoor 的股票蒙上了一层阴影。Citizens JMP 的 Andrew Boone 重新评估了他对该公司的看法，并选择下调对该股票的推荐。现在，Boone 认为 Opendoor 的评级仅为市场表现（即持有），而不是市场超越（买入）。</p>
</div><p>According to reports, the basis for Boone's new view is his belief that Opendoor seems to be functioning more as a backup option for people trying to sell their homes, rather than as their primary means of sale. He also mentioned the company's high level of debt, which has become expensive to service.</p>
<div class="lb-trans"><p>据报道，Boone 的新观点的依据是他认为 Opendoor 似乎更像是人们试图出售房屋时的备选方案，而不是他们的主要销售方式。他还提到公司的高负债水平，已经变得昂贵。</p>
</div><p>On a brighter note, he said that Key Connections, a new program that connects partner real estate agents with sellers, could help Opendoor improve its fortunes.</p>
<div class="lb-trans"><p>从积极的角度来看，他表示，Key Connections，一个将合作房地产经纪人与卖家联系起来的新项目，可能会帮助 Opendoor 改善其运势。</p>
</div><p>To me, Opendoor is a company that has some interesting ideas for how to profit from real estate. It hasn't yet turned these concepts into a viable business, however, so I would give its stock a pass until more signs of potential success emerge.</p>
<div class="lb-trans"><p>在我看来，Opendoor 是一家对如何从房地产中获利有一些有趣想法的公司。然而，它尚未将这些概念转化为可行的业务，因此我会在更多潜在成功的迹象出现之前对其股票持观望态度。</p>
</div>

为什么 Opendoor Technologies 的股票在六月大幅下跌