Geode Capital Management LLC Lowers Holdings in Offerpad Solutions Inc. (NYSE:OPAD)

Geode Capital Management LLC trimmed its holdings in Offerpad Solutions Inc. (NYSE:OPAD) by 7.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,309 shares of the company’s stock after selling 16,408 shares during the period. Geode Capital Management LLC owned about 0.75% of Offerpad Solutions worth $834,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in OPAD. Rhumbline Advisers increased its holdings in shares of Offerpad Solutions by 4,655.6% in the second quarter. Rhumbline Advisers now owns 11,461 shares of the company’s stock worth $51,000 after purchasing an additional 11,220 shares during the last quarter. Barclays PLC increased its holdings in shares of Offerpad Solutions by 133.3% in the third quarter. Barclays PLC now owns 20,813 shares of the company’s stock worth $83,000 after purchasing an additional 11,891 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Offerpad Solutions in the second quarter worth about $111,000. 39.44% of the stock is currently owned by hedge funds and other institutional investors.

Offerpad Solutions Price Performance

Shares of NYSE OPAD opened at $2.37 on Friday. The business’s 50 day moving average is $3.68 and its two-hundred day moving average is $3.77. Offerpad Solutions Inc. has a 1-year low of $2.30 and a 1-year high of $9.93. The stock has a market capitalization of $64.88 million, a P/E ratio of -1.08 and a beta of 2.25.

Offerpad Solutions (NYSE:OPAD) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.05). Offerpad Solutions had a negative return on equity of 72.88% and a negative net margin of 6.12%. The company had revenue of $208.07 million for the quarter, compared to the consensus estimate of $205.17 million. During the same period in the previous year, the firm earned ($0.73) earnings per share. As a group, equities research analysts anticipate that Offerpad Solutions Inc. will post -2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OPAD. Jefferies Financial Group reduced their target price on Offerpad Solutions from $3.50 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods reduced their target price on Offerpad Solutions from $3.75 to $3.15 and set a “market perform” rating on the stock in a report on Wednesday, November 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $4.50 target price on shares of Offerpad Solutions in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $5.13.

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.