Geode Capital Management LLC Sells 16,408 Shares of Offerpad Solutions Inc. (NYSE:OPAD)

Geode Capital Management LLC decreased its holdings in shares of Offerpad Solutions Inc. (NYSE:OPAD) by 7.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 205,309 shares of the company’s stock after selling 16,408 shares during the period. Geode Capital Management LLC’s holdings in Offerpad Solutions were worth $834,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OPAD. Rhumbline Advisers grew its stake in shares of Offerpad Solutions by 4,655.6% during the second quarter. Rhumbline Advisers now owns 11,461 shares of the company’s stock valued at $51,000 after buying an additional 11,220 shares during the last quarter. Barclays PLC grew its stake in shares of Offerpad Solutions by 133.3% during the third quarter. Barclays PLC now owns 20,813 shares of the company’s stock valued at $83,000 after buying an additional 11,891 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Offerpad Solutions during the second quarter valued at approximately $111,000. Institutional investors own 39.44% of the company’s stock.

Offerpad Solutions Stock Performance

Shares of NYSE OPAD opened at $2.37 on Friday. The firm has a market capitalization of $64.88 million, a price-to-earnings ratio of -1.08 and a beta of 2.25. The stock has a 50 day moving average price of $3.68 and a 200 day moving average price of $3.77. Offerpad Solutions Inc. has a 52-week low of $2.30 and a 52-week high of $9.93.

Offerpad Solutions (NYSE:OPAD) last posted its earnings results on Monday, November 4th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.05). The company had revenue of $208.07 million for the quarter, compared to analysts’ expectations of $205.17 million. Offerpad Solutions had a negative return on equity of 72.88% and a negative net margin of 6.12%. During the same quarter in the prior year, the company earned ($0.73) EPS. Analysts forecast that Offerpad Solutions Inc. will post -2.16 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods cut their target price on Offerpad Solutions from $3.75 to $3.15 and set a “market perform” rating on the stock in a research note on Wednesday, November 6th. JMP Securities reiterated a “market outperform” rating and issued a $4.50 price target on shares of Offerpad Solutions in a report on Monday, December 16th. Finally, Jefferies Financial Group lowered their price target on Offerpad Solutions from $3.50 to $3.00 and set a “hold” rating for the company in a report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.13.

Offerpad Solutions Company Profile

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.