<p>下一代房地產公司 <strong>Opendoor Technologies</strong>(OPEN 6.00%) 在今年夏季的第一個月份並沒有看起來像未來的潮流。</p>
<p>六月份，該公司的股票價值損失超過 18%，這並不令人驚訝，因為在月初宣佈了一項財務工程。分析師的評級下調也抑制了投資者的情緒。</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>圖片來源：Getty Images。</p>
<h2>分拆計劃</h2>
<p>在 6 月 6 日，該公司透露已提交初步監管文件，以準備進行反向股票拆分。它打算在特別會議上將此事項提交投資者投票。</p>
<p>反向股票拆分是一種公司減少其流通股總數的措施。在發佈新聞的新聞稿中，Opendoor 引用了首席財務官 Selim Freiha 的話，稱此舉 “旨在支持長期股東價值，併為我們在保留 <strong>納斯達克</strong> 上市提供選擇。”</p>
<p>該公司表示，計劃以每 10 股反向拆分 1 股，最多可達到 1 拆 50。</p>
<p>我應該強調的是，無論是標準拆分還是反向拆分，都不會改變股票的市值；只有流通股數量和價格會被修改。反向拆分的情況下，流通股越少，價格越高。</p>
<p>Opendoor 原本打算在 7 月 28 日（星期一）舉行特別股東會議。</p>
<p>該公司容易受到房地產市場下滑的影響，因為它本質上是一個轉售商，購買房屋，然後進行裝修以便在市場上 “翻轉” 並獲取利潤。當房地產市場上升時，這是一個豐厚的商業模式，但如果市場停滯或下滑，則可能會帶來重大麻煩。</p>
<h2>一位分析師變得更加悲觀</h2>
<p>隨着 6 月的結束，一份新的分析師報告給 Opendoor 的股票蒙上了一層陰影。Citizens JMP 的 Andrew Boone 重新評估了他對該公司的看法，並選擇下調對該股票的推薦。現在，Boone 認為 Opendoor 的評級僅為市場表現（即持有），而不是市場超越（買入）。</p>
<p>據報道，Boone 的新觀點的依據是他認為 Opendoor 似乎更像是人們試圖出售房屋時的備選方案，而不是他們的主要銷售方式。他還提到公司的高負債水平，已經變得昂貴。</p>
<p>從積極的角度來看，他表示，Key Connections，一個將合作房地產經紀人與賣家聯繫起來的新項目，可能會幫助 Opendoor 改善其運勢。</p>
<p>在我看來，Opendoor 是一家對如何從房地產中獲利有一些有趣想法的公司。然而，它尚未將這些概念轉化為可行的業務，因此我會在更多潛在成功的跡象出現之前對其股票持觀望態度。</p>

OPEN

<p>Opendoor Technologies 的股票在 6 月份下跌超過 18%，原因是計劃進行反向股票拆分以及 Citizens JMP 分析師 Andrew Boone 的評級下調，他現在將其評為市場表現。反向拆分旨在支持長期股東價值並維護其納斯達克上市地位。Boone 的下調反映了對 Opendoor 作為房屋賣家的次要選擇以及其高債務水平的擔憂，儘管他提到通過一個新項目將代理人與賣家連接可能帶來改善。總體而言，儘管公司有創新的想法，但尚未建立可行的商業模式</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>下一代房地產公司 <strong>Opendoor Technologies</strong>(OPEN 6.00%) 在今年夏季的第一個月份並沒有看起來像未來的潮流。</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，該公司的股票價值損失超過 18%，這並不令人驚訝，因為在月初宣佈了一項財務工程。分析師的評級下調也抑制了投資者的情緒。</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>圖片來源：Getty Images。</p>
</div><h2>Splitsville</h2>
<div class="lb-trans"><h2>分拆計劃</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，該公司透露已提交初步監管文件，以準備進行反向股票拆分。它打算在特別會議上將此事項提交投資者投票。</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>反向股票拆分是一種公司減少其流通股總數的措施。在發佈新聞的新聞稿中，Opendoor 引用了首席財務官 Selim Freiha 的話，稱此舉 “旨在支持長期股東價值，併為我們在保留 <strong>納斯達克</strong> 上市提供選擇。”</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>該公司表示，計劃以每 10 股反向拆分 1 股，最多可達到 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>我應該強調的是，無論是標準拆分還是反向拆分，都不會改變股票的市值；只有流通股數量和價格會被修改。反向拆分的情況下，流通股越少，價格越高。</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）舉行特別股東會議。</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>該公司容易受到房地產市場下滑的影響，因為它本質上是一個轉售商，購買房屋，然後進行裝修以便在市場上 “翻轉” 並獲取利潤。當房地產市場上升時，這是一個豐厚的商業模式，但如果市場停滯或下滑，則可能會帶來重大麻煩。</p>
</div><h2>An analyst became more bearish</h2>
<div class="lb-trans"><h2>一位分析師變得更加悲觀</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>隨着 6 月的結束，一份新的分析師報告給 Opendoor 的股票蒙上了一層陰影。Citizens JMP 的 Andrew Boone 重新評估了他對該公司的看法，並選擇下調對該股票的推薦。現在，Boone 認為 Opendoor 的評級僅為市場表現（即持有），而不是市場超越（買入）。</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>據報道，Boone 的新觀點的依據是他認為 Opendoor 似乎更像是人們試圖出售房屋時的備選方案，而不是他們的主要銷售方式。他還提到公司的高負債水平，已經變得昂貴。</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>從積極的角度來看，他表示，Key Connections，一個將合作房地產經紀人與賣家聯繫起來的新項目，可能會幫助 Opendoor 改善其運勢。</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>在我看來，Opendoor 是一家對如何從房地產中獲利有一些有趣想法的公司。然而，它尚未將這些概念轉化為可行的業務，因此我會在更多潛在成功的跡象出現之前對其股票持觀望態度。</p>
</div>

為什麼 Opendoor Technologies 的股票在六月大幅下跌