Blend Labs (NYSE:BLND – Get Rating)’s stock had its “downgrade” rating restated by stock analysts at Keefe, Bruyette & Woods in a note issued to investors on Monday, Benzinga reports.
Several other equities research analysts have also recently weighed in on BLND. Piper Sandler reduced their target price on shares of Blend Labs from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday, July 18th. Canaccord Genuity Group cut shares of Blend Labs from a “buy” rating to a “hold” rating and reduced their target price for the company from $28.00 to $5.00 in a research note on Friday, April 1st. Compass Point started coverage on shares of Blend Labs in a research note on Wednesday, May 25th. They set a “neutral” rating and a $4.20 price target for the company. Wells Fargo & Company cut shares of Blend Labs from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $11.00 to $5.00 in a research note on Friday, April 1st. Finally, Truist Financial cut their price target on shares of Blend Labs from $7.50 to $5.50 and set a “hold” rating for the company in a research note on Friday, April 1st. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Blend Labs currently has a consensus rating of “Hold” and a consensus price target of $8.27.
Blend Labs Stock Performance
Shares of NYSE:BLND traded down $0.02 during midday trading on Monday, hitting $2.50. The company’s stock had a trading volume of 11,915 shares, compared to its average volume of 1,441,241. The stock has a market capitalization of $549.95 million and a price-to-earnings ratio of -2.45. The stock’s 50 day simple moving average is $2.97 and its 200 day simple moving average is $5.30. Blend Labs has a fifty-two week low of $2.17 and a fifty-two week high of $20.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 10.38 and a current ratio of 10.38.
Blend Labs (NYSE:BLND – Get Rating) last released its earnings results on Thursday, May 12th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.07). Blend Labs had a negative net margin of 79.46% and a negative return on equity of 44.18%. The company had revenue of $71.52 million during the quarter, compared to the consensus estimate of $64.38 million. As a group, research analysts anticipate that Blend Labs will post -0.9 earnings per share for the current year.
Insider Activity at Blend Labs
In related news, insider Crystal Sumner sold 20,289 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $3.31, for a total value of $67,156.59. Following the completion of the sale, the insider now owns 654,749 shares of the company’s stock, valued at $2,167,219.19. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Crystal Sumner sold 20,289 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $3.31, for a total value of $67,156.59. Following the completion of the sale, the insider now owns 654,749 shares of the company’s stock, valued at $2,167,219.19. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Timothy J. Mayopoulos sold 32,298 shares of Blend Labs stock in a transaction on Friday, May 20th. The stock was sold at an average price of $3.31, for a total transaction of $106,906.38. Following the sale, the president now directly owns 661,071 shares of the company’s stock, valued at approximately $2,188,145.01. The disclosure for this sale can be found here.
Hedge Funds Weigh In On Blend Labs
A number of hedge funds and other institutional investors have recently made changes to their positions in BLND. Lightspeed Ultimate General Partner IX Ltd. bought a new position in shares of Blend Labs during the fourth quarter worth $108,767,000. Vanguard Group Inc. lifted its position in Blend Labs by 1,862.4% in the 1st quarter. Vanguard Group Inc. now owns 11,117,426 shares of the company’s stock valued at $63,369,000 after acquiring an additional 10,550,895 shares in the last quarter. MFN Partners Management LP bought a new stake in Blend Labs in the 1st quarter valued at $28,500,000. Lightspeed Ultimate General Partner Select III Ltd. bought a new stake in Blend Labs in the 4th quarter valued at $16,599,000. Finally, JPMorgan Chase & Co. lifted its position in Blend Labs by 3,104.7% in the 1st quarter. JPMorgan Chase & Co. now owns 1,774,979 shares of the company’s stock valued at $10,117,000 after acquiring an additional 1,719,592 shares in the last quarter. 52.80% of the stock is owned by institutional investors.
About Blend Labs
Blend Labs, Inc provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts.