Offerpad Solutions (NYSE:OPAD) Issues Earnings Results, Misses Expectations By $0.10 EPS

Offerpad Solutions (NYSE:OPAD) posted its earnings results on Monday. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.10), Zacks reports. Offerpad Solutions had a negative net margin of 7.60% and a negative return on equity of 69.44%. The business had revenue of $251.12 million for the quarter, compared to analysts’ expectations of $290.00 million. During the same period last year, the business posted ($0.84) EPS. Offerpad Solutions updated its Q3 2024 guidance to EPS.

Offerpad Solutions Trading Down 15.5 %

Shares of OPAD stock traded down $0.61 during trading hours on Tuesday, reaching $3.32. 111,240 shares of the company’s stock were exchanged, compared to its average volume of 51,196. Offerpad Solutions has a fifty-two week low of $3.23 and a fifty-two week high of $13.36. The stock’s 50 day moving average is $4.65 and its 200-day moving average is $6.80. The company has a market cap of $90.57 million, a price-to-earnings ratio of -1.29 and a beta of 1.83.

Analysts Set New Price Targets

OPAD has been the topic of several research reports. JMP Securities cut their price objective on shares of Offerpad Solutions from $9.00 to $5.50 and set a “market outperform” rating on the stock in a report on Tuesday. The Goldman Sachs Group cut their price target on Offerpad Solutions from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Finally, 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 research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.45.

Insider Transactions at Offerpad Solutions

In related news, CEO Brian Bair acquired 40,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average price of $5.48 per share, for a total transaction of $219,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 852,867 shares in the company, valued at approximately $4,673,711.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Roberto Marco Sella bought 15,104 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $4.89 per share, with a total value of $73,858.56. Following the completion of the acquisition, the director now directly owns 3,104,064 shares of the company’s stock, valued at approximately $15,178,872.96. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Bair acquired 40,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were acquired at an average price of $5.48 per share, with a total value of $219,200.00. Following the completion of the purchase, 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. Insiders acquired 97,717 shares of company stock valued at $500,996 in the last quarter. 43.40% of the stock is currently owned by corporate insiders.

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.