OPAD - Offerpad Solutions stock jumps 6% after boosting 2021 guidance

Offerpad Solutions (NYSE:OPAD) stock rises 6.4% after Q3 results reflect record revenue and gross profit, in addition to raising its full-year outlook. Sees number of homes sold of 5,800-6,000, which tightens from 5,612-6,000 in the prior range. Expects 2021 revenues of $1.85B-1.90B, up from $1.7B-1.85B in the prior target; anticipates gross profits of $175M-185M in 2021 vs. $170M-180M in the prior outlook. Adjusted EBITDA guidance of $0-10M rises from an expected loss of $15M-6M. Q3 homes acquired were 2,753, compared with 769 in the year-ago quarter; 1,673 homes were sold in Q3, up from 749 in Q3 2020. Q3 revenues of $540.3M outpaces the consensus estimate of $524.2M, compared with just $186.4M in the year-ago quarter. Q3 diluted loss per share of 13 cents also tops the estimate at -$1.03, compared with a loss of five cents in Q3 of last year. Q3 gross profit  per home sold of 31.8 increases from

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Offerpad Solutions stock jumps 6% after boosting 2021 guidance