Offerpad Solutions (NYSE:OPAD) Releases Earnings Results, Misses Estimates By $0.10 EPS

Offerpad Solutions (NYSE:OPAD) posted its quarterly earnings data 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. Offerpad Solutions had a negative return on equity of 69.44% and a negative net margin of 7.60%. The company had revenue of $251.12 million for the quarter, compared to analyst estimates of $290.00 million. During the same quarter in the previous year, the firm posted ($0.84) EPS. Offerpad Solutions updated its Q3 2024 guidance to EPS.

Offerpad Solutions Trading Down 7.2 %

NYSE OPAD traded down $0.24 during trading on Wednesday, hitting $3.09. 33,843 shares of the company traded hands, compared to its average volume of 51,083. Offerpad Solutions has a 12 month low of $3.06 and a 12 month high of $13.36. The business has a fifty day simple moving average of $4.58 and a 200 day simple moving average of $6.73. The company has a market capitalization of $84.30 million, a P/E ratio of -1.12 and a beta of 1.83.

Wall Street Analyst Weigh In

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

Insider Transactions at Offerpad Solutions

In related news, Director Roberto Marco Sella bought 10,000 shares of Offerpad Solutions stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average cost of $4.87 per share, for a total transaction of $48,700.00. Following the acquisition, the director now owns 3,065,884 shares in the company, valued at $14,930,855.08. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Offerpad Solutions news, Director Roberto Marco Sella acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average price of $4.87 per share, with a total value of $48,700.00. Following the transaction, the director now owns 3,065,884 shares of the company’s stock, valued at $14,930,855.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Bair bought 40,000 shares of the firm’s stock in a transaction that occurred 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 purchase, the chief executive officer now owns 852,867 shares in the company, valued at $4,673,711.16. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 97,717 shares of company stock worth $500,996. 43.40% of the stock is owned by corporate 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.