Offerpad Solutions (NYSE:OPAD) Stock Price Up 6.1% – Here’s Why

Offerpad Solutions Inc. (NYSE:OPAD) shares shot up 6.1% during mid-day trading on Wednesday . The company traded as high as $1.84 and last traded at $1.82. 20,476 shares were traded during trading, a decline of 64% from the average session volume of 57,156 shares. The stock had previously closed at $1.71.

Analysts Set New Price Targets

OPAD has been the subject of several research reports. JMP Securities reiterated a “market outperform” rating and issued a $4.50 price target on shares of Offerpad Solutions in a research report on Monday, December 16th. Keefe, Bruyette & Woods reduced their target price on shares of Offerpad Solutions from $3.15 to $2.25 and set a “market perform” rating for the company in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group lowered their price target on Offerpad Solutions from $5.00 to $2.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th.

Offerpad Solutions Stock Performance

The company has a market cap of $50.65 million, a PE ratio of -0.84 and a beta of 2.23. The stock’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $3.13.

Offerpad Solutions (NYSE:OPAD) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.15). Offerpad Solutions had a negative return on equity of 72.88% and a negative net margin of 6.12%. The firm had revenue of $174.27 million for the quarter, compared to analysts’ expectations of $174.24 million. On average, sell-side analysts predict that Offerpad Solutions Inc. will post -2.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG purchased a new stake in shares of Offerpad Solutions during the 4th quarter worth $111,000. Jane Street Group LLC purchased a new stake in Offerpad Solutions during the fourth quarter worth about $34,000. Northern Trust Corp grew its position in Offerpad Solutions by 22.1% during the fourth quarter. Northern Trust Corp now owns 95,866 shares of the company’s stock worth $273,000 after buying an additional 17,322 shares during the period. JPMorgan Chase & Co. increased its holdings in Offerpad Solutions by 161.6% in the fourth quarter. JPMorgan Chase & Co. now owns 28,173 shares of the company’s stock valued at $80,000 after buying an additional 17,404 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Offerpad Solutions during the 4th quarter valued at approximately $87,000. Institutional investors and hedge funds own 39.44% of the company’s stock.

Offerpad Solutions Company Profile

Offerpad Solutions Inc, together with its subsidiaries, provides technology-enabled solutions for residential real estate market in the United States. It operates iBuying, a real estate solutions platform for on-demand customer that provides home buyers the opportunity to browse and tour homes online.