Zacks Investment Research upgraded shares of Offerpad Solutions (NYSE:OPAD – Get Rating) from a sell rating to a buy rating in a report released on Wednesday, Zacks.com reports. The firm currently has $5.25 price objective on the stock.
According to Zacks, “OfferPad Inc. provide tech-enabled platform for buying and selling residential real estate. OfferPad Inc., formerly known as Supernova Partners Acquisition Company Inc., is based in CHANDLER, Ariz. “
Other analysts also recently issued reports about the company. Berenberg Bank assumed coverage on Offerpad Solutions in a report on Tuesday, January 11th. They issued a buy rating and a $7.00 price objective for the company. Keefe, Bruyette & Woods initiated coverage on Offerpad Solutions in a report on Monday, February 14th. They set a market perform rating and a $15.00 price target for the company. Finally, The Goldman Sachs Group initiated coverage on Offerpad Solutions in a report on Wednesday, March 30th. They set a neutral rating and a $6.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of 9.66.
Offerpad Solutions (NYSE:OPAD – Get Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The company reported 0.05 earnings per share for the quarter, beating analysts’ consensus estimates of -0.09 by 0.14. The company had revenue of 867.54 million during the quarter, compared to analyst estimates of 673.50 million. On average, sell-side analysts anticipate that Offerpad Solutions will post 0.25 EPS for the current fiscal year.
In related news, Director Kenneth D. Degiorgio acquired 25,000 shares of the business’s stock in a transaction dated Friday, March 11th. The shares were bought at an average price of 3.98 per share, with a total value of 99,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ryan Ohara acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, March 8th. The shares were bought at an average cost of 4.17 per share, for a total transaction of 41,700.00. The disclosure for this purchase can be found here.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in Offerpad Solutions by 880.3% in the 4th quarter. JPMorgan Chase & Co. now owns 3,921 shares of the company’s stock valued at $26,000 after acquiring an additional 3,521 shares in the last quarter. Citigroup Inc. bought a new position in Offerpad Solutions in the 1st quarter valued at about $42,000. Two Sigma Securities LLC bought a new position in Offerpad Solutions in the 3rd quarter valued at about $96,000. Penserra Capital Management LLC bought a new position in Offerpad Solutions in the 3rd quarter valued at about $97,000. Finally, Fox Run Management L.L.C. bought a new position in Offerpad Solutions in the 1st quarter valued at about $57,000. 51.71% of the stock is currently owned by institutional investors and hedge funds.
About Offerpad Solutions (Get Rating)
Offerpad Solutions Inc, together with its subsidiaries, engages in buying, selling, renting, and renovating properties to homeowners in the United States. It operates iBuying, a real estate solutions platform for on-demand customer. The company provides customer-centric experience, which enables them to sell and buy homes online with streamlined access to ancillary services, such as mortgage and title insurance services.
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