Opendoor (OPEN) Stock: What Wall Street Expects from Q1 Earnings Thursday

TLDR

• Opendoor (OPEN) reports Q1 earnings on May 7, with options traders pricing in an ~8.77% move
• Wall Street expects EPS of -$0.09, improved from -$0.12 a year ago; revenue seen at ~$666M, down from $1.15B
• OPEN stock is down 12% this year, pressured by high mortgage rates and weak housing market conditions
• Q4 showed a 46% jump in home acquisitions quarter-over-quarter, but revenue fell 20% in the same period
• One bullish investor, Eric Jackson of EMJ Capital, holds an $82 price target on the stock

Opendoor Technologies (OPEN) heads into its Q1 earnings report on May 7 with its stock down 12% in 2026. The stock currently trades around $5.11.

Opendoor Technologies Inc., OPEN

The housing market remains a tough backdrop. High mortgage rates, elevated home prices, and low inventory have kept pressure on the ibuying model.

Options traders are pricing in a move of about 8.77% in either direction when results hit. That’s a decent swing for a stock that’s already been volatile.

Wall Street is expecting an EPS of -$0.09 for Q1. That would be an improvement on the -$0.12 posted in the same quarter last year.

Revenue is forecast at around $666 million. That’s a steep drop from the $1.15 billion Opendoor reported in Q1 2025.

Despite the revenue decline, there were some bright spots in Q4. Home acquisitions rose 46% quarter-over-quarter, and homes under contract jumped more than 300%.

The flip side: gross margin fell to 7.7% and contribution margin dropped to 1%. Revenue came in at $736 million for Q4, down 20% from Q3.

Weekly acquisition volumes were also at or below the low end of targets. Not a clean quarter by any measure.

What Analysts Are Watching

Alliance Global Partners analyst Gaurav Mehta is one of the more bullish voices heading into earnings. He set a price target of $8, implying roughly 44% upside from current levels.

Mehta is focused on Opendoor’s goal of reaching adjusted net income breakeven over the 12 months leading to year-end. He also sees room to expand market share and product offerings.

On TipRanks, OPEN holds a Hold consensus — 2 Buys, 2 Holds, and 1 Sell. The consensus price target sits at $6, about 17% above where the stock trades today.

The Bull Case

Then there’s Eric Jackson of EMJ Capital. He reiterated an $82 price target in April — that’s roughly 1,400% above the current price. He’s also floated $200 and $500 as longer-term targets.

Jackson was instrumental in the CEO change last year, after which retail investors briefly sent the stock up 1,000% in a matter of days. The current reaction has been far calmer, though OPEN is still up around 630% over the past year.

His thesis is straightforward: the housing market is beginning to improve, and there’s typically a two-quarter lag before that feeds into Opendoor’s results. That points to a stronger back half of 2026.

OPEN jumped 15% in April, partly on the back of Jackson’s bullish commentary making the rounds with investors.

The stock has meme-stock tendencies, and that’s worth keeping in mind. Risk tolerance matters here.

Opendoor reports Q1 earnings on May 7, with revenue expected at ~$666 million and EPS at -$0.09.

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