Short Interest in Offerpad Solutions Inc. (NYSE:OPAD) Drops By 90.2%

Offerpad Solutions Inc. (NYSE:OPAD) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 443,230 shares, a drop of 90.2% from the May 31st total of 4,500,946 shares. Approximately 15.8% of the shares of the company are sold short. Based on an average trading volume of 137,808 shares, the days-to-cover ratio is presently 3.2 days.

Insider Buying and Selling

In related news, CEO Brian Bair bought 12,292 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was acquired at an average price of $7.90 per share, with a total value of $97,106.80. Following the transaction, the chief executive officer owned 30,745 shares in the company, valued at approximately $242,885.50. This trade represents a 66.61% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 40.60% of the company’s stock.

Institutional Trading of Offerpad Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of OPAD. Marshall Wace LLP bought a new position in shares of Offerpad Solutions in the fourth quarter worth about $768,000. Quadrature Capital Ltd purchased a new stake in Offerpad Solutions in the 4th quarter valued at about $306,000. Vanguard Group Inc. grew its stake in Offerpad Solutions by 12.4% in the 3rd quarter. Vanguard Group Inc. now owns 790,570 shares of the company’s stock worth $3,297,000 after acquiring an additional 87,144 shares in the last quarter. Monograph Wealth Advisors LLC bought a new position in Offerpad Solutions in the 3rd quarter worth about $248,000. Finally, Geode Capital Management LLC increased its position in shares of Offerpad Solutions by 37.9% during the fourth quarter. Geode Capital Management LLC now owns 190,509 shares of the company’s stock worth $231,000 after acquiring an additional 52,312 shares during the period. Hedge funds and other institutional investors own 39.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OPAD shares. Alliance Global Partners restated a “buy” rating on shares of Offerpad Solutions in a research note on Friday, June 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Offerpad Solutions in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods lowered their price target on Offerpad Solutions from $10.00 to $8.50 and set a “market perform” rating on the stock in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded Offerpad Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.17.

Offerpad Solutions Price Performance

Shares of NYSE:OPAD traded up $0.36 during mid-day trading on Friday, reaching $4.74. The stock had a trading volume of 53,327 shares, compared to its average volume of 229,507. The business’s 50 day moving average price is $6.68 and its 200 day moving average price is $9.24. Offerpad Solutions has a 1 year low of $4.17 and a 1 year high of $63.50. The company has a market cap of $22.42 million, a P/E ratio of -0.39 and a beta of 2.42. The company has a current ratio of 1.66, a quick ratio of 0.69 and a debt-to-equity ratio of 0.32.

Offerpad Solutions (NYSE:OPAD) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.01. Offerpad Solutions had a negative net margin of 8.51% and a negative return on equity of 112.51%. The company had revenue of $80.08 million for the quarter, compared to analysts’ expectations of $86.25 million. Research analysts expect that Offerpad Solutions will post -5.8 EPS for the current fiscal year.

Offerpad Solutions Company Profile

Offerpad Solutions, Inc, listed on the NYSE under the ticker OPAD, is a technology-driven real estate platform specializing in the direct purchase, renovation and resale of single-family homes. Since its founding in 2015 and headquartered in Chandler, Arizona, the company leverages proprietary data analytics and algorithms to deliver fast, all-cash offers and flexible closing timelines to homeowners in select markets across the United States.

The company’s core services include its Instant Offer program for home acquisitions, in-house renovation and repair services to prepare properties for resale, and a suite of ancillary offerings such as title and escrow, home trade-in solutions and mortgage origination through strategic partnerships.