We recently published 10 Market Movers That Made Millionaires in a Week. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the best-performing stocks of the past trading week.
Opendoor Technologies climbed by 23.78 percent week-on-week despite suffering from losses in the last two trading days, primarily driven by a $1 million insider buying ahead of a dividend distribution.
In a regulatory filing on Wednesday, Opendoor Technologies Inc. (NASDAQ:OPEN) said that its CEO Kasra Nejatian, acquired 125,000 common shares at a price of $8.0365 apiece for a total of $1.004 million, ahead of the November 18 record date for warrant dividends payable on November 21.
Under the terms, each investor holding 30 common shares of Opendoor Technologies Inc. (NASDAQ:OPEN) is set to receive one each of Series K, A, and Z warrants, exercisable at prices of $9, $13, and $17, respectively.
Subject to shareholder approval, the new securities will be listed on the stock exchange under the symbols OPENW, OPENL, and OPENZ.
However, the stock fell on Thursday and Friday as investors resorted to profit-taking, while digesting the potential dilution impact of the warrant dividends on existing shareholdings.
Also last week, Opendoor Technologies Inc. (NASDAQ:OPEN) announced that it widened its net loss by 15 percent to $90 million from $78 million in the same comparable period, amid a 37 percent lower gross profit.
Revenues, on the other hand, declined by 33 percent to $915 million from $1.377 billion in the same period last year, but exceeded its earlier guidance of $800 million to $875 million.
While we acknowledge the potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.