Offerpad Solutions (NYSE:OPAD) Posts Earnings Results, Misses Expectations By $0.07 EPS

Offerpad Solutions (NYSE:OPAD) posted its quarterly earnings results on Monday. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($1.87) by ($0.07), FiscalAI reports. Offerpad Solutions had a negative net margin of 8.51% and a negative return on equity of 112.51%. The company had revenue of $77.65 million during the quarter, compared to analyst estimates of $85.20 million.

Offerpad Solutions Trading Down 3.4%

OPAD traded down $0.13 during trading hours on Monday, reaching $3.74. The company’s stock had a trading volume of 87,961 shares, compared to its average volume of 199,104. The stock has a market cap of $17.69 million, a PE ratio of -0.31 and a beta of 2.47. Offerpad Solutions has a fifty-two week low of $3.52 and a fifty-two week high of $63.50. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.66 and a quick ratio of 0.69. The business’s 50-day moving average is $5.37 and its 200-day moving average is $7.32.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OPAD shares. Wall Street Zen lowered Offerpad Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Alliance Global Partners reiterated a “buy” rating on shares of Offerpad Solutions in a report on Friday, June 12th. Keefe, Bruyette & Woods lowered their price target on shares of Offerpad Solutions from $10.00 to $8.50 and set a “market perform” rating on the stock in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Offerpad Solutions in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $26.17.

Insider Transactions at Offerpad Solutions

In other Offerpad Solutions news, CEO Brian Bair bought 12,292 shares of Offerpad Solutions stock in a transaction on Wednesday, June 3rd. The shares were bought at an average price of $7.90 per share, for a total transaction of $97,106.80. Following the completion of the transaction, the chief executive officer directly owned 30,745 shares of the company’s stock, valued at $242,885.50. This trade represents a 66.61% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 16.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Offerpad Solutions

A number of hedge funds have recently modified their holdings of the business. Marshall Wace LLP purchased a new position in Offerpad Solutions during the fourth quarter worth about $768,000. Quadrature Capital Ltd purchased a new stake in shares of Offerpad Solutions in the 4th quarter valued at approximately $306,000. Vanguard Group Inc. lifted its holdings in shares of Offerpad Solutions by 12.4% in the 3rd quarter. Vanguard Group Inc. now owns 790,570 shares of the company’s stock worth $3,297,000 after acquiring an additional 87,144 shares during the last quarter. Monograph Wealth Advisors LLC acquired a new position in shares of Offerpad Solutions in the 3rd quarter worth approximately $248,000. Finally, Geode Capital Management LLC boosted its position 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 period. 39.44% of the stock is currently owned by hedge funds and other institutional investors.

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.