On July 6, Opendoor Technologies rose 5.82% in regular trading, trading at $5.195/share, with turnover of $95.22 million. The rally was driven by the ongoing passive fund allocation following the company's formal inclusion in the Russell 3000 Index after the June 26 close, as well as its strategic pivot toward AI and software.

Opendoor was officially added to the Russell 3000 Index as part of the annual reconstitution, which typically means membership in either the large-cap Russell 1000 or small-cap Russell 2000 Index. This triggers mandatory buying from index-tracking funds, creating sustained demand for shares. Meanwhile, the company recently announced the closure of its India operations and a reduction of nearly 250 employees. CEO Nejatian, who joined from Shopify, stated the company is transforming into a software and artificial intelligence enterprise, rebuilding its business model around automation.

Alliance Global Partners initiated coverage with a Buy rating and an $8 price target earlier this year, reflecting institutional confidence in Opendoor's evolving business model and growth trajectory within the digital real estate space.

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