Two and a half quarters into the job and Opendoor CEO Kaz Nejatian is already killing it by completely changing the direction of this company.

Kaz was the former COO of Shopify ($SHOP), and he left to come turn around Opendoor. The craziest part is that even before he became CEO, he was spending his free time modelling out how he’d fix the business and restructure the company.... In his free time!!

Then it gets better with the compensation strutcure. His base salary is legit $1, with the rest being performance based, meaning the stock has to hit certain milestones for him to really get paid.

To me, that sounds like a CEO who is all in and betting on himself alongside shareholders. That is super bullish for shareholders moving forward.

The latest quarter showed that this business is turning around, and it's turning around fast:

• Only 10% of homes stayed on the market longer than 120 days, down from 33% last quarter

• Acquisition contracts jumped 45% QoQ to 5,000, the highest level since Q2 2022

• Guidance for next quarter called for 25% revenue growth and becoming adjusted EBITDA breakeven

Acquisitions are also playing a huge roll in this turnaround. In March and April this year, Opendoor acquired Doma’s Closing & Escrow Business and agreed to acquire Audrion to improve property valuation capabilities.

This truly feels like the beginning of “Opendoor 2.0” as Kaz continues to transform the business.

As a part of Opendoor 2.0, they have set a target of reaching 6,000 home acquisitions per quarter by the end of 2026, and I honestly think they get there.

Take into account that this is all happening during one of the toughest housing environments we've seen in years. Mortgage rates are still sky high and housing activity has been heavily constrained.

Think about how much this stock will rip when Kevin Warsh eventually begins cutting rates and the housing market loosens up again.

It’s not hard to imagine sentiment changing very quickly around $OPEN. It could become a $25+ stock over the next 18 months if execution keeps improving like this.