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

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

Offerpad Solutions Stock Down 3.4%

NYSE:OPAD traded down $0.13 during trading hours on Monday, hitting $3.74. The company’s stock had a trading volume of 86,698 shares, compared to its average volume of 199,021. The stock has a market capitalization of $17.69 million, a P/E ratio of -0.31 and a beta of 2.47. The company has a current ratio of 1.66, a quick ratio of 0.69 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average of $5.37 and a 200-day moving average of $7.32. Offerpad Solutions has a 52-week low of $3.52 and a 52-week high of $63.50.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Offerpad Solutions in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods decreased their price target on shares of Offerpad Solutions from $10.00 to $8.50 and set a “market perform” rating for the company in a research report on Thursday, May 7th. Alliance Global Partners reaffirmed a “buy” rating on shares of Offerpad Solutions in a research report on Friday, June 12th. Finally, Wall Street Zen cut Offerpad Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $26.17.

Insiders Place Their Bets

In other Offerpad Solutions news, CEO Brian Bair purchased 12,292 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average cost of $7.90 per share, with a total value of $97,106.80. Following the completion of the acquisition, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in Offerpad Solutions by 69.6% in the first quarter. AQR Capital Management LLC now owns 24,308 shares of the company’s stock valued at $40,000 after acquiring an additional 9,979 shares in the last quarter. Barclays PLC boosted its position in shares of Offerpad Solutions by 190.5% in the 4th quarter. Barclays PLC now owns 33,345 shares of the company’s stock valued at $40,000 after purchasing an additional 21,868 shares during the period. Engineers Gate Manager LP purchased a new position in Offerpad Solutions during the 4th quarter worth approximately $27,000. Goldman Sachs Group Inc. purchased a new stake in Offerpad Solutions in the fourth quarter valued at approximately $32,000. Finally, Jane Street Group LLC acquired a new stake in shares of Offerpad Solutions in the second quarter valued at approximately $44,000. 39.44% of the stock is owned by hedge funds and other institutional investors.

About Offerpad Solutions

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.