Stocks slid for major iBuyers and tech companies on Wednesday, continuing a tough year on Wall Street for Offerpad.
Offerpad stock slid 5.8 percent in a rough day on Wall Street that hit iBuyers and tech companies particularly hard on Wednesday.
The drop continues the company’s slide on the New York Stock Exchange. The stock reached a new low of $3.90 per share after markets closed. The S&P 500 is up nearly 18 percent in that time.
The slide also dropped Offerpad’s market cap below $1 billion, to $929.5 million, at a time when it seeks to gain market share following Zillow’s departure from the iBuying space.
- OpenDoor: 6.2 percent drop Wednesday, down 20 percent year over year
- Offerpad: 5.8 percent drop Wednesday, down 65 percent year over year
- Redfin: 1.16 percent drop Wednesday, down 60 percent year over year
Offerpad has moved to expand its footprint in the iBuying space after Zillow’s highly publicized withdrawal in November.
It has continued to expand into more markets across the nation, recently offering its services in Columbus, Ohio, Denver, Nashville, Kansas City, St. Louis and Columbia, South Carolina.
Earlier this month, it sought to take out more than $600 million in credit from an unnamed lender, according to a Dec. 20 Securities Exchange Commission filing.
Offerpad was valued at $2.7 billion when it went public last fall. Its revenue grew by 190 percent in the third quarter of 2021. Gross profit and home sales were also up in that time. In itse SEC filing, the company reported a net quarterly loss of $15.3 million.