<p>在短短几個月內，<strong>Opendoor Technologies</strong>(OPEN -15.15%) 從一家瀕臨被納斯達克退市的破產公司，變成了今年最熱門的股票故事之一。</p>
<p>在七月，零售投資者開始大量湧入這隻在線房屋翻轉股票，因為對沖基金經理 Eric Jackson 提出的論點在網上開始獲得關注。Jackson 認為，Opendoor 可能會變成下一個 <strong>Carvana</strong>，指的是這家在線二手車經銷商在 2022 年底避免破產後獲得的 100 倍收益。</p>
<p>隨着每日交易量激增，甚至一度超過流通股數量，Opendoor 也隨之飆升，誕生了一隻 meme 股票。這種勢頭直接導致了業務的變化。</p>
<p>首先，首席執行官 Carrie Wheeler 辭職，本月早些時候，公司引入了一支新的管理團隊，任命 <strong>Shopify</strong> 首席運營官 Kaz Nejatian 擔任新首席執行官，並重新邀請創始人 Eric Wu 和 Keith Rabois 擔任董事會成員，Rabois 擔任董事長。</p>
<p>Opendoor 的股價已經從最低點上漲近 20 倍，這意味着它至少在某種程度上已經超過了 Jackson 的目標。這個熱門股票能否繼續攀升？讓我們看看在下一個預期於 11 月 6 日的財報發佈之前，可能推動股價進一步上漲的三個關鍵因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0ODMvZm9yLXNhbGUtc2lnbi1ob21lLWJ1eS1zZWxsLXByb3BlcnR5LXNpbmdsZS1mYW1pbHktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0ODMvZm9yLXNhbGUtc2lnbi1ob21lLWJ1eS1zZWxsLXByb3BlcnR5LXNpbmdsZS1mYW1pbHktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 抵押貸款利率可能會下降</h2>
<p>Opendoor 看漲論點中最大的組成部分可能是其與房地產市場的關係。公司的命運與房屋的供需以及房價的走勢密切相關。</p>
<p>該股票在 2020 年上市時曾迅速上漲，當時房地產市場在疫情期間火熱。然而，隨着利率上升和現有房屋銷售暴跌，該市場在 2022 年崩潰。Opendoor 通過以高於購買價格的價格出售房屋以及收取服務費用來賺錢，因此它受益於房地產市場的上漲壓力。</p>
<p>抵押貸款利率的下降可能會使這兩件事情發生。事實上，利率已經降至一年低點，聯邦儲備委員會預計今年還將再降兩次基準利率。對更低利率的預期或房地產市場復甦的跡象也可能推動 Opendoor 的股價上漲。</p>
<h2>2. 管理層可能會做出真正的改變</h2>
<p>Nejatian 打算迅速行動。他在社交媒體平台 X 上非常活躍，公司已經將 Opendoor 平台擴展到所有 50 個州，而之前僅覆蓋約 50 個市場。公司還引入了一位新的首席財務官，任命 Christy Schwartz 為臨時替代者，自 9 月 30 日起接替 Selim Freiha。</p>
<p>新任董事會主席 Rabois 在接受 CNBC 採訪時表示，公司變得過於臃腫，可能將員工人數從 1400 削減到 200。投資者應該期待管理團隊在接下來的幾周內發佈更多公告。合適的公告可能會再次推動股價飆升。</p>
<h2>3. 這是一個投資者沒有離開的 meme 股票</h2>
<p>Opendoor 仍然擁有來自 meme 股票羣體的強大支持，這個羣體有時被稱為 “$OPEN 軍團”。</p>
<p>該股票的日交易量仍然很大，過去三個月的平均交易量達到 3.25 億，遠高於之前吸引 meme 股票投資者的水平。Opendoor 也繼續被視為一隻戰鬥股票，26% 的流通股被做空，這也有可能推動短期擠壓。</p>
<p>meme 股票的走勢 notoriously 不可預測，但在過去幾個月中湧入該股票的 Opendoor 多頭顯然是公司和股票的資產。</p>
<h2>Opendoor 仍然高風險</h2>
<p>以上原因都是未來幾周可能推動股價的因素，但 Opendoor 仍然是一項高風險投資。這些迅猛的漲幅完全基於改善的預期，這些預期可能是合理的，也可能不合理，而不是任何基本面的實質性改善。事實上，當公司在八月給出第三季度指引時，預示收入將大幅下降，顯示出在房地產市場疲軟的情況下，它正在縮減業務。</p>
<p>觀察者將看到 Nejatian 和 Rabois 是否能在接下來的幾周內製定出真正的扭轉計劃，但如果管理層能夠顯示出進展，股價仍有上漲的空間。</p>

OPEN

<p>Opendoor Technologies 的股票大幅上漲，從接近退市的狀態恢復過來，成為熱門投資。可能在 11 月 6 日財報發佈前推動股票進一步上漲的關鍵因素包括潛在的抵押貸款利率下降、新管理層旨在簡化運營的舉措，以及來自迷因股票投資者的持續支持。然而，該公司仍然是一項高風險投資，預期尚未得到穩健財務改善的支持</p>

<p>In just a few months, <strong>Opendoor Technologies</strong>(OPEN -15.15%) has gone from a broken company on the verge of being delisted from the <strong>Nasdaq</strong> to one of the hottest stock stories of the year.</p>
<div class="lb-trans"><p>在短短几個月內，<strong>Opendoor Technologies</strong>(OPEN -15.15%) 從一家瀕臨被納斯達克退市的破產公司，變成了今年最熱門的股票故事之一。</p>
</div><p>In July, retail investors began piling into the online home-flipping stock after an argument posited by hedge fund manager Eric Jackson began to gain traction online. Jackson argued that Opendoor could turn into the next <strong>Carvana</strong>, referring to the 100x gain the online used car dealer made after avoiding bankruptcy in late 2022.</p>
<div class="lb-trans"><p>在七月，零售投資者開始大量湧入這隻在線房屋翻轉股票，因為對沖基金經理 Eric Jackson 提出的論點在網上開始獲得關注。Jackson 認為，Opendoor 可能會變成下一個 <strong>Carvana</strong>，指的是這家在線二手車經銷商在 2022 年底避免破產後獲得的 100 倍收益。</p>
</div><p>A meme stock was born as daily trading volume skyrocketed, at one point exceeding the number of shares outstanding, and Opendoor soared as well. That momentum directly led to a change in the business.</p>
<div class="lb-trans"><p>隨着每日交易量激增，甚至一度超過流通股數量，Opendoor 也隨之飆升，誕生了一隻 meme 股票。這種勢頭直接導致了業務的變化。</p>
</div><p>First, CEO Carrie Wheeler stepped down, and earlier this month, the company brought in a new management team, tapping <strong>Shopify</strong> chief operating officer Kaz Nejatian to serve as its new CEO, and bringing back founders Eric Wu and Keith Rabois to serve on the board of directors, with Rabois as chair.</p>
<div class="lb-trans"><p>首先，首席執行官 Carrie Wheeler 辭職，本月早些時候，公司引入了一支新的管理團隊，任命 <strong>Shopify</strong> 首席運營官 Kaz Nejatian 擔任新首席執行官，並重新邀請創始人 Eric Wu 和 Keith Rabois 擔任董事會成員，Rabois 擔任董事長。</p>
</div><p>Opendoor shares are already up nearly 20 times from their bottom, meaning they are more than halfway to Jackson's target, at least by one measurement. Could the hot stock keep climbing? Let's look at three key drivers that could move the stock even higher before its next earnings report, expected on Nov. 6.</p>
<div class="lb-trans"><p>Opendoor 的股價已經從最低點上漲近 20 倍，這意味着它至少在某種程度上已經超過了 Jackson 的目標。這個熱門股票能否繼續攀升？讓我們看看在下一個預期於 11 月 6 日的財報發佈之前，可能推動股價進一步上漲的三個關鍵因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0ODMvZm9yLXNhbGUtc2lnbi1ob21lLWJ1eS1zZWxsLXByb3BlcnR5LXNpbmdsZS1mYW1pbHktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834483%2Ffor-sale-sign-home-buy-sell-property-single-family-1200x800-5b2df79.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>1. Mortgage rates could come down</h2>
<div class="lb-trans"><h2>1. 抵押貸款利率可能會下降</h2>
</div><p>Perhaps the biggest component in the bull case for Opendoor is its relationship to the housing market. The company's fortunes are closely tied to the supply and demand for homes, and the direction of housing prices.</p>
<div class="lb-trans"><p>Opendoor 看漲論點中最大的組成部分可能是其與房地產市場的關係。公司的命運與房屋的供需以及房價的走勢密切相關。</p>
</div><p>The stock initially surged out of the gate after it went public in 2020 when the housing market was on fire during the pandemic. However, that market crashed in 2022 as interest rates rose and sales of existing homes tumbled. Opendoor makes money from selling homes for more than it purchases them for, and by collecting fees for services, so it benefits from upward pressure in the housing market.</p>
<div class="lb-trans"><p>該股票在 2020 年上市時曾迅速上漲，當時房地產市場在疫情期間火熱。然而，隨着利率上升和現有房屋銷售暴跌，該市場在 2022 年崩潰。Opendoor 通過以高於購買價格的價格出售房屋以及收取服務費用來賺錢，因此它受益於房地產市場的上漲壓力。</p>
</div><p>Falling mortgage rates could make both of those things happen. In fact, rates have already come down to one-year lows, and the Federal Reserve expects to cut its benchmark interest rates two more times this year. Anticipation of lower rates or signs of housing market recovery could also push Opendoor stock higher.</p>
<div class="lb-trans"><p>抵押貸款利率的下降可能會使這兩件事情發生。事實上，利率已經降至一年低點，聯邦儲備委員會預計今年還將再降兩次基準利率。對更低利率的預期或房地產市場復甦的跡象也可能推動 Opendoor 的股價上漲。</p>
</div><h2>2. Management could make real changes</h2>
<div class="lb-trans"><h2>2. 管理層可能會做出真正的改變</h2>
</div><p>Nejatian intends to hit the ground running. He has been active on the social media platform X, and the company has already expanded the Opendoor platform to all 50 states, up from just around 50 markets previously. The company also brought in a new chief financial officer, naming Christy Schwartz as the interim replacement, effective Sept. 30, succeeding Selim Freiha.</p>
<div class="lb-trans"><p>Nejatian 打算迅速行動。他在社交媒體平台 X 上非常活躍，公司已經將 Opendoor 平台擴展到所有 50 個州，而之前僅覆蓋約 50 個市場。公司還引入了一位新的首席財務官，任命 Christy Schwartz 為臨時替代者，自 9 月 30 日起接替 Selim Freiha。</p>
</div><p>Rabois, the new board chairman, said in an interview on CNBC that the company has become too bloated and that it could cut its workforce from 1,400 all the way down to 200. Investors should expect some more announcements from the management team in the coming weeks. The right one could send the stock soaring again.</p>
<div class="lb-trans"><p>新任董事會主席 Rabois 在接受 CNBC 採訪時表示，公司變得過於臃腫，可能將員工人數從 1400 削減到 200。投資者應該期待管理團隊在接下來的幾周內發佈更多公告。合適的公告可能會再次推動股價飆升。</p>
</div><h2>3. It's a meme stock investors haven't left</h2>
<div class="lb-trans"><h2>3. 這是一個投資者沒有離開的 meme 股票</h2>
</div><p>There's still plenty of energy behind Opendoor from the meme-stock crowd, which is sometimes referred to as the &#34;$OPEN Army.&#34;</p>
<div class="lb-trans"><p>Opendoor 仍然擁有來自 meme 股票羣體的強大支持，這個羣體有時被稱為 “$OPEN 軍團”。</p>
</div><p>The stock is still trading at huge daily volumes, averaging 325 million over the last three months, much higher than before gaining interest from the meme stock investors. Opendoor also continues to look like a battleground stock with 26% of the float sold short, and that has the potential to drive a short squeeze as well.</p>
<div class="lb-trans"><p>該股票的日交易量仍然很大，過去三個月的平均交易量達到 3.25 億，遠高於之前吸引 meme 股票投資者的水平。Opendoor 也繼續被視為一隻戰鬥股票，26% 的流通股被做空，這也有可能推動短期擠壓。</p>
</div><p>Meme stock movements are notoriously unpredictable, but the legions of Opendoor bulls who have piled into the shares in the last few months are clearly an asset for the company and the stock.</p>
<div class="lb-trans"><p>meme 股票的走勢 notoriously 不可預測，但在過去幾個月中湧入該股票的 Opendoor 多頭顯然是公司和股票的資產。</p>
</div><h2>Opendoor is still high risk</h2>
<div class="lb-trans"><h2>Opendoor 仍然高風險</h2>
</div><p>The reasons above are all potential drivers for the stock over the next few weeks, but Opendoor remains a high-risk investment. The meteoric gains have come entirely on improving expectations, which may or may not be justified, rather than any meaningful improvement in fundamentals. In fact, when the company gave third-quarter guidance in August, it called for a significant decline in revenue, showing that it's scaling the business back as the housing market remains weak.</p>
<div class="lb-trans"><p>以上原因都是未來幾周可能推動股價的因素，但 Opendoor 仍然是一項高風險投資。這些迅猛的漲幅完全基於改善的預期，這些預期可能是合理的，也可能不合理，而不是任何基本面的實質性改善。事實上，當公司在八月給出第三季度指引時，預示收入將大幅下降，顯示出在房地產市場疲軟的情況下，它正在縮減業務。</p>
</div><p>Observers will see if Nejatian and Rabois can work up a real turnaround plan in the coming weeks, but there is room for the stock to move higher, especially if management can show signs of progress.</p>
<div class="lb-trans"><p>觀察者將看到 Nejatian 和 Rabois 是否能在接下來的幾周內製定出真正的扭轉計劃，但如果管理層能夠顯示出進展，股價仍有上漲的空間。</p>
</div>

Opendoor Technologies 股票可能在 11 月 6 日之前上漲的三個原因