Offerpad Solutions (NYSE:OPAD) Trading Up 5.9% – Here’s What Happened

Offerpad Solutions Inc. (NYSE:OPAD) shares were up 5.9% on Thursday . The company traded as high as $1.57 and last traded at $1.5350. Approximately 4,986,862 shares traded hands during mid-day trading, an increase of 590% from the average daily volume of 722,891 shares. The stock had previously closed at $1.45.

Wall Street Analysts Forecast Growth

Several analysts recently commented on OPAD shares. Weiss Ratings restated a “sell (d-)” rating on shares of Offerpad Solutions in a report on Friday, October 31st. Industrial Alliance Securities set a $3.50 price objective on shares of Offerpad Solutions in a research note on Thursday, December 11th. Wall Street Zen raised shares of Offerpad Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Alliance Global Partners initiated coverage on shares of Offerpad Solutions in a report on Thursday, December 11th. They set a “buy” rating and a $3.50 price target on the stock. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Offerpad Solutions has a consensus rating of “Hold” and a consensus price target of $2.29.

Offerpad Solutions Stock Performance

The stock has a market cap of $56.58 million, a P/E ratio of -0.79 and a beta of 2.35. The firm’s 50-day moving average is $1.71 and its two-hundred day moving average is $2.36. The company has a quick ratio of 0.28, a current ratio of 1.32 and a debt-to-equity ratio of 0.37.

Offerpad Solutions (NYSE:OPAD) last posted its earnings results on Monday, November 3rd. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05). Offerpad Solutions had a negative return on equity of 147.32% and a negative net margin of 8.74%.The business had revenue of $132.68 million during the quarter, compared to the consensus estimate of $173.01 million. As a group, research analysts expect that Offerpad Solutions Inc. will post -2.16 EPS for the current year.

Institutional Trading of Offerpad Solutions

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in shares of Offerpad Solutions by 69.6% during the 1st quarter. AQR Capital Management LLC now owns 24,308 shares of the company’s stock worth $40,000 after acquiring an additional 9,979 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in Offerpad Solutions during the third quarter worth approximately $79,000. Jane Street Group LLC acquired a new position in Offerpad Solutions during the second quarter valued at approximately $44,000. Monograph Wealth Advisors LLC acquired a new position in Offerpad Solutions during the third quarter valued at approximately $248,000. Finally, Vanguard Group Inc. raised its position in shares of Offerpad Solutions by 12.4% in the third quarter. Vanguard Group Inc. now owns 790,570 shares of the company’s stock valued at $3,297,000 after purchasing an additional 87,144 shares during the period. Institutional investors and hedge funds own 39.44% of the company’s stock.

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.