Traders Purchase High Volume of Call Options on Offerpad Solutions (NYSE:OPAD)

Key Points

• Offerpad Solutions Inc. (NYSE:OPAD) experienced a significant increase in call options, with 4,114 options purchased, representing a 328% rise over typical volume.
• Several analysts have downgraded Offerpad, with Goldman Sachs lowering its price target from $2.00 to $1.00 and shifting to a "neutral" rating.
• The company reported a loss of $0.54 EPS for the last quarter, outperforming estimates but falling short on revenue expectations.
• Institutional investors currently hold 39.44% of Offerpad's stock, with notable increases in positions from firms like AQR Capital Management and JPMorgan Chase.

Offerpad Solutions Inc. (NYSE:OPAD - Get Free Report) was the recipient of unusually large options trading on Friday. Stock investors acquired 4,114 call options on the stock. This is an increase of 328% compared to the typical volume of 961 call options.

Analyst Upgrades and Downgrades

OPAD has been the subject of several recent analyst reports. Citizens Jmp cut Offerpad Solutions from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 6th. The Goldman Sachs Group reduced their price objective on Offerpad Solutions from $2.00 to $1.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Citigroup cut Offerpad Solutions to a "market perform" rating in a report on Tuesday, May 6th. Keefe, Bruyette & Woods reduced their price objective on Offerpad Solutions from $2.25 to $1.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Offerpad Solutions in a report on Tuesday, May 6th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $2.38.

Offerpad Solutions Price Performance

Offerpad Solutions stock traded down $0.11 during mid-day trading on Friday, hitting $1.83. 366,438 shares of the company were exchanged, compared to its average volume of 359,475. The business's 50 day simple moving average is $1.27 and its two-hundred day simple moving average is $1.66. The company has a market capitalization of $50.40 million, a P/E ratio of -0.84 and a beta of 2.12. Offerpad Solutions has a 12-month low of $0.91 and a 12-month high of $5.13.

Offerpad Solutions (NYSE:OPAD - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.54) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.04. The business had revenue of $160.70 million during the quarter, compared to the consensus estimate of $180.51 million. Offerpad Solutions had a negative return on equity of 105.89% and a negative net margin of 7.52%. Equities research analysts predict that Offerpad Solutions will post -2.16 earnings per share for the current year.

Institutional Investors Weigh In On Offerpad Solutions

Hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new stake in Offerpad Solutions during the first quarter valued at about $32,000. Jane Street Group LLC purchased a new stake in Offerpad Solutions during the fourth quarter valued at about $34,000. AQR Capital Management LLC grew its position in Offerpad Solutions by 69.6% during the first quarter. AQR Capital Management LLC now owns 24,308 shares of the company's stock valued at $40,000 after acquiring an additional 9,979 shares during the period. JPMorgan Chase & Co. grew its position in Offerpad Solutions by 161.6% during the fourth quarter. JPMorgan Chase & Co. now owns 28,173 shares of the company's stock valued at $80,000 after acquiring an additional 17,404 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Offerpad Solutions during the fourth quarter valued at about $111,000. Hedge funds and other institutional investors own 39.44% of the company's stock.

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.

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