CoreWeave, Opendoor, and SoFi Rebound After Hitting 52-Week Lows
CoreWeave Inc. (CRWV), Opendoor Technologies Inc. (OPEN), and SoFi Technologies Inc. (SOFI) touched fresh 52-week lows on Thursday before staging intraday recoveries. CoreWeave fell to $59.51, Opendoor hit $1.90, and SoFi dropped to $13.86. By the close, CoreWeave rose nearly 6%, SoFi gained over 6%, and Opendoor surged more than 16%.
The temporary slide was driven by rising interest rates, real estate weakness, and profit margin pressures. CoreWeave faced investor unease regarding $850 million in unsecured debt carrying yields near 15%, though analysts pointed to robust AI computing demand. Opendoor was pressured by a 12-year low in pending U.S. home sales and 30-year mortgage rates reaching 7.40%. Meanwhile, SoFi struggled with high acquisition costs limiting earnings growth, even after boosting its annual revenue forecast to $4.75 billion-$4.85 billion.
Going forward, investors will track CoreWeave's expansion costs against its contract revenue, Opendoor's ability to sell inventory in a slow housing market, and SoFi's progress in turning revenue growth into higher profit margins.
Key points
- CoreWeave, Opendoor, and SoFi hit 52-week lows on Thursday before rebounding to close higher.
- CoreWeave touched $59.51 as investors evaluated $850 million in unsecured debt with yields near 15%.
- Opendoor dropped to $1.90 amid a 12-year low in pending home sales and 7.40% mortgage rates.
- SoFi hit $13.86 despite raising its full-year revenue guidance to between $4.75 billion and $4.85 billion.
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How we writeDisclaimerQuestions and answers
Why did CoreWeave stock hit a 52-week low?
CoreWeave stock fell to an annual low of $59.51 due to investor concerns over $850 million in unsecured debt with yields near 15%, which raised questions about high financing costs.
What caused Opendoor stock to fall to $1.90?
Opendoor stock slumped to a new yearly low as pending U.S. home sales fell to a 12-year low and 30-year mortgage rates rose to 7.40%, slowing real estate turnover and increasing inventory holding costs.
Why did SoFi drop despite raising its revenue outlook?
SoFi dropped to $13.86 because higher marketing investments and customer acquisition costs limited its profit growth, leaving its full-year adjusted earnings-per-share outlook around $0.60.