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How to buy Opendoor stock

Here's everything we know so far about the Opendoor IPO.

Dawn Daniels
Dawn Daniels

Updated . What changed?

Fact checked

San Francisco-based Opendoor has completed a SPAC merger with Social Capital Hedosophia II that took it public.

What we know about Opendoor’s IPO

Opendoor wrapped up its merger with a special-purpose acquisition company (SPAC). SPACs are companies with no commercial operations that exist purely to raise capital through IPOs.

The SPAC, Social Capital Hedosohpia II, acquired Opendoor and belongs to venture capitalist Chamath Palihapitiya.

Shareholders of Social Capital Hedosophia approved the merger on December 18, and shares of Opendoor began trading December 21 on the New York Stock Exchange under the symbol “OPEN.” The stock opened at $30 per share.

How to buy shares in Opendoor

Before you can invest in Opendoor, you'll need to open a brokerage account.

  1. Compare share trading platforms. If you're a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
  2. Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
  3. Search for Opendoor. Find the stock by name or ticker symbol. Research its history to confirm it's a solid investment against your financial goals.
  4. Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until Opendoor reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
  5. Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market's ups and downs. You may be able to buy a fractional share of Opendoor, depending on your broker.
  6. Check in on your investment. Congratulations, you own a part of Opendoor. Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.

What is Opendoor?

Opendoor is a San Francisco-based real estate company that was founded in 2014. Through Opendoor, homeowners can skip the traditional listing, showing and negotiating process by selling their property to Opendoor for cash as-is. Opendoor then renovates the property and resells it at a higher price. The platform also operates as a marketplace for homeowners who don’t want a cash offer from Opendoor and prefer to list their property themselves.
Opendoor is an accredited business with the Better Business Bureau (BBB) with an A+ rating.

Opendoor’s first six markets reached run-rate revenue of $2.76 billion in the first quarter of 2020, the company reported.

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Courtesy of Opendoor

It now operates in 21 markets and reached $5 billion run-rate revenue in the first quarter of 2020, the company noted.

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How do similar companies perform?

It's impossible to predict how any stock will perform — and IPOs can be particularly volatile. But evaluating the performance of companies like Opendoor can be useful in determining how the market is performing and whether now is a good time to invest in this industry. Select a company to learn more about what they do and how their stock performs, including market capitalization, the price-to-earnings (P/E) ratio, price/earnings-to-growth (PEG) ratio and dividend yield. While this list includes a selection of the most well-known and popular stocks, it doesn't include every stock available.

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The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

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