Offerpad Solutions (NYSE:OPAD) Stock Price Up 6.1% – Still a Buy?

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

Analyst Upgrades and Downgrades

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

Offerpad Solutions Stock Up 6.1 %

The stock’s 50-day simple moving average is $2.22 and its 200 day simple moving average is $3.14. The company has a market cap of $49.69 million, a price-to-earnings ratio of -0.82 and a beta of 2.23.

Offerpad Solutions (NYSE:OPAD) last issued 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). The business had revenue of $174.27 million for the quarter, compared to analyst estimates of $174.24 million. Offerpad Solutions had a negative return on equity of 72.88% and a negative net margin of 6.12%. On average, sell-side analysts expect that Offerpad Solutions Inc. will post -2.16 EPS for the current fiscal year.

Institutional Trading of Offerpad Solutions

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Offerpad Solutions by 140.1% in the third quarter. JPMorgan Chase & Co. now owns 10,769 shares of the company’s stock valued at $44,000 after purchasing an additional 6,284 shares during the last quarter. Jane Street Group LLC purchased a new position in Offerpad Solutions in the fourth quarter valued at approximately $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 valued at $83,000 after purchasing an additional 11,891 shares during the last quarter. SG Americas Securities LLC purchased a new position in Offerpad Solutions in the fourth quarter valued at approximately $87,000. Finally, Deutsche Bank AG purchased a new position in Offerpad Solutions in the fourth quarter valued at approximately $111,000. 39.44% of the stock is currently owned by hedge funds and other institutional investors.

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.