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Legendary hedge fund manager George Noble called Opendoor Technologies Inc. (NASDAQ: OPEN) a “total clown show” on Sunday in a series of social media posts.
The criticism comes after Opendoor’s stock rallied over 640% since its all-time low in late June, despite concerns about its fundamental business performance.
Noble's posts build on skepticism about Opendoor's business model and long-term viability, which he first expressed last week.
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He has repeatedly noted that the company has experienced yearly losses since inception and pointed to “atrocious unit economics” that, in his view, undermine the case for its profitability.
Opendoor's cost-cutting measures are unlikely to have any material impact on the company's financial trajectory, according to Noble.
"@ericjackson never explains how $OPEN will make money. They have lost money every single year since inception. Declaring the stock will go up 100x and standing in front of Drake's house every day…total clown show," Noble wrote Sunday on X.
Other critics, like Martin Shkreli and Citron Research, have expressed doubts about Opendoor, calling it “an obvious short” and “a science project in how to burn money."
Meanwhile, bullish voices like Eric Jackson have promoted ambitious price targets and fueled Opendoor's meme-stock dynamics.
Opendoor's blistering rally has cooled recently, with the stock trading lower on Monday and mostly flat over the past five days.
However, the bulls have pushed Opendoor shares more than 88% higher in September alone.
OPEN Price Action: Opendoor stock was down % at $ on Monday, according to data from Benzinga Pro.
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Posted In: OPEN
