Offerpad Solutions (NYSE:OPAD) Upgraded to “Buy” at Zacks Investment Research

Offerpad Solutions (NYSE:OPADGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday, Zacks.com reports. The brokerage currently has a $5.50 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. “

OPAD has been the subject of several other reports. Keefe, Bruyette & Woods assumed coverage on Offerpad Solutions in a report on Monday, February 14th. They set a “market perform” rating and a $15.00 price objective for the company. The Goldman Sachs Group assumed coverage on Offerpad Solutions in a report on Wednesday, March 30th. They set a “neutral” rating and a $6.00 price objective for the company. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of 9.69.

OPAD opened at 5.16 on Friday. The business has a 50 day simple moving average of 5.06 and a 200-day simple moving average of 5.50. Offerpad Solutions has a 12 month low of 2.96 and a 12 month high of 20.97.

Offerpad Solutions (NYSE:OPADGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported 0.16 EPS for the quarter, beating the consensus estimate of 0.03 by 0.13. The business had revenue of 1.37 billion during the quarter, compared to analyst estimates of 1.14 billion. As a group, research analysts forecast that Offerpad Solutions will post 0.25 EPS for the current fiscal year.

In related news, Director Kenneth D. Degiorgio purchased 25,000 shares of the company’s stock in a transaction on Friday, March 11th. The stock was bought at an average price of 3.98 per share, with a total value of 99,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ryan Ohara purchased 10,000 shares of the company’s stock in a transaction on Tuesday, March 8th. The shares were bought at an average cost of 4.17 per share, with a total value of 41,700.00. The disclosure for this purchase can be found here.

Several large investors have recently made changes to their positions in OPAD. JPMorgan Chase & Co. grew its position in shares of Offerpad Solutions by 880.3% in the fourth quarter. JPMorgan Chase & Co. now owns 3,921 shares of the company’s stock valued at $26,000 after purchasing an additional 3,521 shares during the period. Citigroup Inc. purchased a new stake in shares of Offerpad Solutions in the first quarter valued at $42,000. Fox Run Management L.L.C. purchased a new stake in shares of Offerpad Solutions in the first quarter valued at $57,000. CIBC Asset Management Inc purchased a new stake in shares of Offerpad Solutions in the fourth quarter valued at $76,000. Finally, Victory Capital Management Inc. acquired a new position in Offerpad Solutions in the fourth quarter valued at $87,000. 51.71% of the stock is 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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