Short Interest in Offerpad Solutions Inc. (NYSE:OPAD) Drops By 90.2%

Offerpad Solutions Inc. (NYSE:OPAD) saw a significant decrease in short interest in June. As of June 15th, there was short interest totaling 443,230 shares, a decrease of 90.2% from the May 31st total of 4,500,946 shares. Based on an average daily volume of 137,808 shares, the days-to-cover ratio is presently 3.2 days. Approximately 15.8% of the company’s shares are short sold.

Offerpad Solutions Stock Up 8.2%

NYSE OPAD traded up $0.36 during midday trading on Friday, hitting $4.74. 53,327 shares of the company traded hands, compared to its average volume of 229,507. Offerpad Solutions has a 52 week low of $4.17 and a 52 week high of $63.50. The company’s 50-day simple moving average is $6.68 and its 200-day simple moving average is $9.24. The company has a market cap of $22.42 million, a PE ratio of -0.39 and a beta of 2.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.66 and a quick ratio of 0.69.

Offerpad Solutions (NYSE:OPAD) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.01. The firm had revenue of $80.08 million during the quarter, compared to analyst estimates of $86.25 million. Offerpad Solutions had a negative return on equity of 112.51% and a negative net margin of 8.51%. As a group, equities research analysts forecast that Offerpad Solutions will post -5.8 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brian Bair acquired 12,500 shares of Offerpad Solutions stock in a transaction on Tuesday, June 2nd. The shares were bought at an average cost of $8.20 per share, for a total transaction of $102,500.00. Following the acquisition, the chief executive officer directly owned 18,453 shares of the company’s stock, valued at $151,314.60. This trade represents a 209.98% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 40.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Offerpad Solutions

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its position in shares of Offerpad Solutions by 69.6% during the first quarter. AQR Capital Management LLC now owns 24,308 shares of the company’s stock worth $40,000 after purchasing an additional 9,979 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Offerpad Solutions during the 3rd quarter worth $79,000. Barclays PLC increased its position in Offerpad Solutions by 190.5% during the 4th quarter. Barclays PLC now owns 33,345 shares of the company’s stock valued at $40,000 after buying an additional 21,868 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Offerpad Solutions during the 4th quarter valued at about $27,000. Finally, Goldman Sachs Group Inc. purchased a new stake in Offerpad Solutions in the fourth quarter valued at about $32,000. 39.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Alliance Global Partners restated a “buy” rating on shares of Offerpad Solutions in a research note on Friday, June 12th. Keefe, Bruyette & Woods lowered their price objective on shares of Offerpad Solutions from $10.00 to $8.50 and set a “market perform” rating for the company in a research note on Thursday, May 7th. Wall Street Zen downgraded shares of Offerpad Solutions from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Offerpad Solutions in a report on Wednesday, May 27th. One 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.17.

Offerpad Solutions Company Profile

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.