Opendoor Technologies Inc ( OPEN ) shares are trading lower on Thursday amid the broader market downward pressure.

The Nasdaq is down 1.30% while the S&P 500 has shed 1.07%, and Real Estate is also slipping, setting a weak tape for the group.

Technical Analysis

OPEN is trading 0.3% above its 20-day simple moving average (SMA), but it's 21.8% below its 100-day SMA, showing short-term stabilization inside a still-damaged intermediate trend.

Shares are up 306% over the past 12 months, and at $4.96, they're positioned closer to the middle of the 52-week range than the extremes (between the $10.87 high and 51 cents low).

Key Resistance: $5.50

Key Support: $4.50

Timeline of Recent Bullish Sentiment

On March 9, EMJ Capital's Eric Jackson stated he may have been too "conservative" regarding his $82 price forecast for 2028. He cited a 3.4 times increase in weekly home acquisitions since CEO Kaz Nejatian took the helm in September.

During the February earnings call, Nejatian described the firm as the "most AI-pilled company in the public market." The company has aggressively slashed overhead, reporting that hosting infrastructure costs fell from an annual run rate of $12 million to less than $5 million by the end of 2025.

Short Interest and Market Headwinds

According to the latest reporting period, short interest in Opendoor ( OPEN ) fell slightly to 132.35 million shares. This represents 15.41% of the company's public float.

Traders currently face a days-to-cover metric of 2.55 days based on average daily volumes of 51.88 million shares.

Cautious Q1 Financial Outlook

Despite beating fourth-quarter revenue expectations with $736 million, management provided a cautious outlook for the current quarter. The company expects first-quarter revenue to decrease approximately 10% year-over-year.

OPEN Stock Price Activity: Opendoor ( OPEN ) shares were down 6.17% at $4.95 at the time of publication on Thursday, according to Benzinga Pro data.

Image via Shutterstock