Chamath Palihapitiya Stocks: 5 Stocks Picked in the Last 10 Years

1. Opendoor Technologies Inc. (NASDAQ:OPEN)

Number of Hedge Fund Holders: 41    

Opendoor Technologies Inc. (NASDAQ:OPEN) operates a digital platform for residential real estate in the United States. In September 2020, Social Capital Hedosophia II, the SPAC led by Chamath Palihapitiya, announced that it would acquire Opendoor, an online marketplace for buying and selling houses, in an IPO deal that valued Opendoor at $4.8 billion. As of December 26, the firm has a market capitalization of $646 million. 

On October 25, JMP Securities analyst Nicholas Jones maintained an Outperform rating on Opendoor Technologies Inc. (NASDAQ:OPEN) stock and lowered the price target to $4.50 from $9, highlighting that as a result of fears over the likelihood of a recession in 2023, rising interest rates, and low affordability, valuations in the industry have considerably decreased.  

At the end of the third quarter of 2022, 41 hedge funds in the database of Insider Monkey held stakes worth $396.4 million in Opendoor Technologies Inc. (NASDAQ:OPEN), compared to 39 in the preceding quarter worth $861.7 million.

In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Opendoor Technologies Inc. (NASDAQ:OPEN) was one of them. Here is what the fund said:

“The Fund invests in secular growth and innovative businesses across all market capitalizations, with the bulk of the portfolio landing in the large-cap zone. The Fund is categorized as US Large Growth by Morningstar. As of the end of the fourth quarter, the largest market cap holding in the Fund was $2.5 trillion and the smallest was $791 million. The median market cap of the Fund was $27.5 billion. The Fund had $1.7 billion of assets under management. The Fund had investments in 63 securities. The Fund’s top 10 positions accounted for 45.4% of net assets. Fund inflows were positive for 2021. We sold Opendoor Technologies Inc. (NASDAQ:OPEN) because we identified issues relating to our long-term theses in the company, and we decided to exit the positions to fund other purchases.”

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