Offerpad Solutions (NYSE:OPAD) Shares Up 1.1% – Here’s Why

Offerpad Solutions Inc. (NYSE:OPAD) shot up 1.1% on Wednesday . The stock traded as high as $0.7082 and last traded at $0.6690. 495,723 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 867,786 shares. The stock had previously closed at $0.6620.

Analyst Upgrades and Downgrades

A number of analysts have commented on OPAD shares. Alliance Global Partners started coverage on Offerpad Solutions in a report on Thursday, December 11th. They set a “buy” rating and a $3.50 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Offerpad Solutions in a research report on Wednesday, January 28th. iA Financial set a $3.50 price target on Offerpad Solutions in a research report on Thursday, December 11th. Finally, Keefe, Bruyette & Woods dropped their price objective on Offerpad Solutions from $1.75 to $1.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.25.

Offerpad Solutions Price Performance

The stock has a market cap of $29.46 million, a PE ratio of -0.40 and a beta of 2.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.43 and a current ratio of 1.48. The business has a 50 day moving average price of $0.89 and a two-hundred day moving average price of $1.95.

Offerpad Solutions (NYSE:OPAD) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. Offerpad Solutions had a negative return on equity of 135.22% and a negative net margin of 8.17%.The company had revenue of $114.12 million during the quarter, compared to the consensus estimate of $159.00 million. Research analysts expect that Offerpad Solutions Inc. will post -2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Offerpad Solutions

Several institutional investors have recently added to or reduced their stakes in OPAD. Vanguard Group Inc. increased its holdings in Offerpad Solutions by 12.4% during the third quarter. Vanguard Group Inc. now owns 790,570 shares of the company’s stock worth $3,297,000 after buying an additional 87,144 shares during the last quarter. Marshall Wace LLP purchased a new position in Offerpad Solutions in the fourth quarter valued at about $768,000. Investure LLC bought a new position in shares of Offerpad Solutions during the 3rd quarter valued at approximately $2,175,000. Quadrature Capital Ltd purchased a new stake in shares of Offerpad Solutions during the 4th quarter worth approximately $306,000. Finally, Geode Capital Management LLC increased its stake in shares of Offerpad Solutions by 37.9% during the 4th quarter. Geode Capital Management LLC now owns 190,509 shares of the company’s stock worth $231,000 after purchasing an additional 52,312 shares during the last quarter. Institutional investors own 39.44% of the company’s stock.

About Offerpad Solutions

Offerpad Solutions, Inc, listed on the NYSE under the ticker OPAD, is a technology-driven real estate platform specializing in the direct purchase, renovation and resale of single-family homes. Since its founding in 2015 and headquartered in Chandler, Arizona, the company leverages proprietary data analytics and algorithms to deliver fast, all-cash offers and flexible closing timelines to homeowners in select markets across the United States.

The company’s core services include its Instant Offer program for home acquisitions, in-house renovation and repair services to prepare properties for resale, and a suite of ancillary offerings such as title and escrow, home trade-in solutions and mortgage origination through strategic partnerships.