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

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

Wall Street Analyst Weigh In

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

Offerpad Solutions Trading Up 5.7%

NYSE OPAD opened at $4.63 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.69 and a current ratio of 1.66. The firm has a market cap of $21.90 million, a PE ratio of -0.38 and a beta of 2.42. Offerpad Solutions has a one year low of $4.17 and a one year high of $63.50. The firm’s fifty day moving average is $6.60 and its two-hundred day moving average is $9.20.

Offerpad Solutions (NYSE:OPAD) last announced its 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 business had revenue of $80.08 million during the quarter, compared to the consensus estimate of $86.25 million. Analysts expect that Offerpad Solutions will post -5.8 earnings per share for the current year.

Insider Activity

In other news, CEO Brian Bair bought 12,292 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was purchased at an average price of $7.90 per share, for a total transaction of $97,106.80. Following the completion of the purchase, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OPAD. Marshall Wace LLP acquired a new position in shares of Offerpad Solutions in the fourth quarter valued at approximately $768,000. Quadrature Capital Ltd purchased a new stake in shares of Offerpad Solutions during the fourth quarter worth approximately $306,000. Vanguard Group Inc. lifted its holdings in shares of Offerpad Solutions by 12.4% during the third quarter. Vanguard Group Inc. now owns 790,570 shares of the company’s stock worth $3,297,000 after purchasing an additional 87,144 shares during the period. Monograph Wealth Advisors LLC acquired a new stake in shares of Offerpad Solutions during the third quarter worth $248,000. Finally, Geode Capital Management LLC grew its position in Offerpad Solutions by 37.9% in the 4th quarter. Geode Capital Management LLC now owns 190,509 shares of the company’s stock valued at $231,000 after buying an additional 52,312 shares during the last quarter. 39.44% of the stock is currently owned by hedge funds and other institutional investors.

About Offerpad Solutions

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.