Offerpad Solutions (NYSE:OPAD) Issues Earnings Results

Offerpad Solutions (NYSE:OPAD) released its quarterly earnings results on Monday. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.10), Zacks reports. The firm had revenue of $251.12 million for the quarter, compared to analyst estimates of $290.00 million. Offerpad Solutions had a negative return on equity of 69.44% and a negative net margin of 7.60%. During the same period in the prior year, the business earned ($0.84) earnings per share. Offerpad Solutions updated its Q3 2024 guidance to EPS.

Offerpad Solutions Stock Down 7.1 %

Shares of NYSE OPAD traded down $0.23 during trading on Wednesday, hitting $3.10. 110,916 shares of the company traded hands, compared to its average volume of 51,593. The firm has a market capitalization of $84.43 million, a P/E ratio of -1.12 and a beta of 1.83. The company has a 50-day moving average price of $4.54 and a 200-day moving average price of $6.70. Offerpad Solutions has a 1 year low of $2.92 and a 1 year high of $13.36.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of Offerpad Solutions from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Keefe, Bruyette & Woods upgraded Offerpad Solutions from an “underperform” rating to a “market perform” rating and decreased their price objective for the stock from $6.00 to $3.75 in a report on Tuesday. Finally, JMP Securities dropped their target price on Offerpad Solutions from $9.00 to $5.50 and set a “market outperform” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.45.

Insider Activity at Offerpad Solutions

In other news, Director Roberto Marco Sella acquired 8,003 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were bought at an average cost of $4.77 per share, for a total transaction of $38,174.31. Following the acquisition, the director now directly owns 3,073,887 shares in the company, valued at approximately $14,662,440.99. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Offerpad Solutions news, Director Roberto Marco Sella acquired 8,003 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was bought at an average price of $4.77 per share, with a total value of $38,174.31. Following the completion of the transaction, the director now directly owns 3,073,887 shares of the company’s stock, valued at $14,662,440.99. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Bair purchased 40,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $5.48 per share, with a total value of $219,200.00. Following the completion of the acquisition, the chief executive officer now owns 852,867 shares in the company, valued at approximately $4,673,711.16. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 97,717 shares of company stock worth $500,996. 43.40% of the stock is owned by insiders.

About Offerpad Solutions

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.