Offerpad Solutions Stock Scheduled to Reverse Split on Tuesday, June 9th (NYSE:OPAD)

Shares of Offerpad Solutions Inc. (NYSE:OPAD) are going to reverse split on the morning of Tuesday, June 9th. The 1-10 reverse split was announced on Thursday, June 4th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, June 8th.

Offerpad Solutions Trading Down 16.1%

OPAD traded down $0.12 during midday trading on Friday, hitting $0.62. 1,566,630 shares of the company were exchanged, compared to its average volume of 2,467,069. The firm’s 50 day moving average price is $0.73 and its 200-day moving average price is $1.07. Offerpad Solutions has a 1-year low of $0.57 and a 1-year high of $6.35. The firm has a market capitalization of $29.38 million, a P/E ratio of -0.51 and a beta of 2.42. The company has a quick ratio of 0.69, a current ratio of 1.66 and a debt-to-equity ratio of 0.32.

Offerpad Solutions (NYSE:OPAD) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.01. Offerpad Solutions had a negative return on equity of 112.51% and a negative net margin of 8.51%.The firm had revenue of $80.08 million for the quarter, compared to analyst estimates of $86.25 million. As a group, equities analysts forecast that Offerpad Solutions will post -0.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OPAD. Keefe, Bruyette & Woods decreased their target price on shares of Offerpad Solutions from $1.00 to $0.85 and set a “market perform” rating for the company in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Offerpad Solutions in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.62.

Insider Activity at Offerpad Solutions

In other Offerpad Solutions news, CEO Brian Bair bought 122,920 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were bought at an average price of $0.79 per share, for a total transaction of $97,106.80. Following the transaction, the chief executive officer directly owned 307,454 shares in the company, valued at approximately $242,888.66. This trade represents a 66.61% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 40.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Offerpad Solutions

Several institutional investors have recently added to or reduced their stakes in OPAD. Vanguard Group Inc. boosted its holdings in shares of Offerpad Solutions by 12.4% during the 3rd 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 in the last quarter. Marshall Wace LLP bought a new stake in shares of Offerpad Solutions in the 4th quarter valued at $768,000. Investure LLC acquired a new position in shares of Offerpad Solutions during the 3rd quarter valued at $2,175,000. Quadrature Capital Ltd bought a new position in Offerpad Solutions during the fourth quarter worth $306,000. Finally, Geode Capital Management LLC boosted its stake in Offerpad Solutions by 37.9% during the fourth quarter. Geode Capital Management LLC now owns 190,509 shares of the company’s stock worth $231,000 after acquiring an additional 52,312 shares in the last quarter. 39.44% of the stock is owned by institutional investors and hedge funds.

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.