Opendoor Technologies $OPEN ( ▼ 0.43% ) has erased essentially all the gains it made after announcing major leadership changes in September, as the enthusiasm premium that fueled the rally continues to fade. Shares closed Monday at $5.83, slipping below their September 10 close of $5.86, the session before the company revealed that Shopify COO Kaz Nejatian would take over as CEO, with cofounders Keith Rabois and Eric Wu joining the board.
That announcement initially lit a fire under the stock, triggering the largest one-day gain in Opendoor’s history. Shares jumped nearly 80% the following session and briefly traded at their highest levels since 2022, as investors rushed to reprice the company on optimism around new leadership and a potential strategic reset.
Why the rally hasn’t stuck
Despite the early excitement, it’s still very early in the transition. The new leadership team has not yet reported results for a full quarter while in charge, leaving investors with little concrete evidence that operational or financial performance is improving. Without fresh proof points, the stock has struggled to hold onto gains that were largely driven by sentiment rather than fundamentals.
The broader market backdrop hasn’t helped either. The stretch from mid-July through September was marked by elevated speculative appetite across equities, particularly in heavily shorted or story-driven names. That environment has cooled meaningfully as the calendar turned toward year-end.
Speculative signals are rolling over
Trading data shows that interest in Opendoor has clearly waned. Average daily volume over the past 21 sessions has fallen to roughly 62 million shares, the lowest level since May. Options activity tells a similar story, with call volumes over the same period running at their weakest levels since July.
Taken together, the decline in volume and options activity suggests that the leadership-driven excitement has largely burned off. Until investors see tangible progress under the new management team, Opendoor’s stock appears to be trading less on hope and more on patience.