Offerpad Solutions (NYSE:OPAD) Stock Price Up 12.3% – Time to Buy?

Offerpad Solutions Inc. (NYSE:OPAD) shares traded up 12.3% on Wednesday . The stock traded as high as $1.67 and last traded at $1.60. 50,695 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 58,800 shares. The stock had previously closed at $1.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OPAD shares. The Goldman Sachs Group decreased their price target on shares of Offerpad Solutions from $5.00 to $2.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods reduced their target price on shares of Offerpad Solutions from $3.15 to $2.25 and set a “market perform” rating on the stock in a report on Wednesday, February 26th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 price target on shares of Offerpad Solutions in a report on Monday, December 16th.

Offerpad Solutions Price Performance

The business has a 50-day moving average of $1.90 and a 200-day moving average of $2.84. The company has a market capitalization of $39.76 million, a P/E ratio of -0.66 and a beta of 2.20.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Offerpad Solutions by 140.1% in the third quarter. JPMorgan Chase & Co. now owns 10,769 shares of the company’s stock worth $44,000 after buying an additional 6,284 shares during the period. Jane Street Group LLC bought a new position in Offerpad Solutions in the 4th quarter valued at $34,000. Barclays PLC increased its stake in Offerpad Solutions by 133.3% in the third quarter. Barclays PLC now owns 20,813 shares of the company’s stock worth $83,000 after purchasing an additional 11,891 shares during the period. Northern Trust Corp increased its stake in Offerpad Solutions by 22.1% in the fourth quarter. Northern Trust Corp now owns 95,866 shares of the company’s stock worth $273,000 after purchasing an additional 17,322 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Offerpad Solutions during the fourth quarter worth $87,000. Hedge funds and other institutional investors 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.