Took a position in $OPEN today $5.3 Yeah yeah, the iBuyer graveyard stock. But it’s not the same setup anymore.
**Why I’m in:**
**Market still pricing 2022 disaster**
Everyone remembers the blowup. Nobody pricing the pivot.
**They’re shifting away from inventory risk**
Less “we hold houses and pray”, more platform/AI marketplace. If that sticks, margins change completely.
**Q4 wasn’t as dead as expected**
$736M revenue vs \~$594M est. Still losing money, but that’s a big beat when everyone expects a corpse.
**Macro tailwind sitting there**
Housing is frozen. If rates even chill a bit, transactions come back → that’s literally their whole game.
**Short interest \~13%**
Not insane, but enough. This thing already showed it can move stupid fast on any momentum.
**Risk (obvious):**
Still burning cash, could get diluted, could easily dump to $2 before anything happens.
**Why I still bought:**
At \~$5 you’re paying for worst case. Any improvement in execution or housing activity and the upside is guud.
Just saying risk/reward looks kinda stupid here.
See you at $15+ or at Wendy’s.