Offerpad Solutions (NYSE:OPAD) Trading 5.9% Higher – Still a Buy?

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

Wall Street Analyst Weigh In

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

Offerpad Solutions Trading Up 41.1%

The company has a market capitalization of $79.06 million, a PE ratio of -1.11 and a beta of 2.35. The company’s fifty day moving average is $1.70 and its 200-day moving average is $2.37. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.32 and a quick ratio of 0.28.

Offerpad Solutions (NYSE:OPAD) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The company had revenue of $132.68 million for the quarter, compared to analysts’ expectations of $173.01 million. Offerpad Solutions had a negative return on equity of 147.32% and a negative net margin of 8.74%. On average, analysts anticipate that Offerpad Solutions Inc. will post -2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Offerpad Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Investure LLC purchased a new position in Offerpad Solutions during the 3rd quarter worth approximately $2,175,000. Tudor Investment Corp ET AL purchased a new position in shares of Offerpad Solutions during the third quarter worth $79,000. Monograph Wealth Advisors LLC acquired a new position in Offerpad Solutions during the third quarter valued at $248,000. Vanguard Group Inc. lifted its position in Offerpad Solutions by 12.4% during 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. Finally, Jane Street Group LLC purchased a new stake in Offerpad Solutions in the second quarter valued at $44,000. Hedge funds and other institutional investors 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.