Opendoor Technologies (NASDAQ:OPEN) stock price soared after the company named a new CEO on Wednesday.
The Opendoor Analyst: JPMorgan analyst Dae Lee says the new CEO’s expertise could help accelerate bottom-line improvements and AI tools.
He maintains an Overweight rating on Opendoor Technologies with no price target.
Read Also: Opendoor Stock Rallies On New CEO, Founders Rabois And Wu Return To Board To ‘Inject Founder DNA’
The Analyst Takeaways: Lee is bullish after Opendoor tapped Shopify Chief Operating Officer Kaz Nejatian to be CEO.
Nejatian brings "strong product & tech expertise" to the company, Lee said. "Recent emphasis on AI and today's release framing Nejatian as the right leader for the AI era suggest a bigger strategic pivot could be possible," he added.
The analyst expects Opendoor to stay focused on its cash offers and Key Connections in the short term.
"We believe Nejatian's experience scaling digital platforms [and] driving operational efficiency could accelerate Opendoor's shift from a single cash-offer operator to a multi-product real estate platform."
Opendoor's press release highlights Nejatian's track record on profits. This is a positive and could lead to the company accelerating its bottom-line, Lee said.
Along with Nejatian joining as CEO, Opendoor also announced co-founders Keith Rabois and Eric Wu rejoining the board of directors and investing $40 million in Opendoor stock.
"We believe Nejatian's tech-driven background, along with renewed founder involvement, positions Opendoor to sharpen product focus & execution as it navigates ongoing housing market challenges."
OPEN Price Action: Opendoor stock is up 62% to $9.50 on Thursday at the time of writing. Shares hit a new 52-week high of $9.94 earlier Thursday morning. Opendoor stock is up 494% year-to-date in 2025.
Read Next:
- Opendoor’s Meme Stock Mania Gets Comedic Twist
Image: Shutterstock
