Business ModelAnalyst remains Sell rated given the capital intensity of OPEN's business model, OPEN's negative ROE and net income that reflect the inherent challenges in the iBuyer business model.
Financial PerformanceThere is still progress to be made to get to break even Adjusted Net Income, macro headwinds persist, and with narrow margins the iBuying business is still unsteady in that environment.
RevenueThe 2Q revenue guide was 8%/2% below expectations at the midpoint, reflecting broader housing market uncertainty and mortgage rate volatility.