Offerpad Solutions (NYSE:OPAD) Given New $5.50 Price Target at JMP Securities

Offerpad Solutions (NYSE:OPAD) had its price target dropped by stock analysts at JMP Securities from $9.00 to $5.50 in a report released on Tuesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 56.70% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Keefe, Bruyette & Woods raised Offerpad Solutions from an “underperform” rating to a “market perform” rating and lowered their price objective for the company from $6.00 to $3.75 in a research report on Tuesday. The Goldman Sachs Group lowered their price objective on Offerpad Solutions from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.45.

Offerpad Solutions Price Performance

Offerpad Solutions stock traded down $0.42 during mid-day trading on Tuesday, hitting $3.51. 47,703 shares of the company were exchanged, compared to its average volume of 50,773. The business’s 50 day simple moving average is $4.65 and its two-hundred day simple moving average is $6.80. The company has a market capitalization of $95.75 million, a P/E ratio of -1.29 and a beta of 1.83. Offerpad Solutions has a 12-month low of $3.50 and a 12-month high of $13.36.

Offerpad Solutions (NYSE:OPAD) last released its quarterly earnings results on Monday, May 6th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.28). The company had revenue of $285.36 million for the quarter, compared to analysts’ expectations of $272.07 million. Offerpad Solutions had a negative return on equity of 69.44% and a negative net margin of 7.60%. Equities research analysts predict that Offerpad Solutions will post -1.6 earnings per share for the current year.

Insider Activity at Offerpad Solutions

In other news, Director Roberto Marco Sella bought 8,003 shares of Offerpad Solutions stock in a transaction that occurred on Monday, June 3rd. The shares were purchased at an average price of $4.77 per share, for a total transaction of $38,174.31. Following the completion of the acquisition, the director now owns 3,073,887 shares of the company’s stock, valued at $14,662,440.99. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Brian Bair acquired 40,000 shares of Offerpad Solutions stock in a transaction on Tuesday, May 28th. The shares were bought at an average price of $5.48 per share, for a total transaction of $219,200.00. Following the completion of the purchase, the chief executive officer now directly owns 852,867 shares in the company, valued at approximately $4,673,711.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roberto Marco Sella acquired 8,003 shares of Offerpad Solutions stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $4.77 per share, for a total transaction of $38,174.31. Following the purchase, the director now owns 3,073,887 shares of the company’s stock, valued at $14,662,440.99. 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its stake in shares of Offerpad Solutions by 4,655.6% during the second quarter. Rhumbline Advisers now owns 11,461 shares of the company’s stock worth $51,000 after purchasing an additional 11,220 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Offerpad Solutions in the fourth quarter worth about $240,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Offerpad Solutions in the second quarter worth about $111,000. Institutional investors and hedge funds 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.