Blend Labs, Inc. (NYSE:BLND) Receives $4.88 Consensus Price Target from Brokerages

Shares of Blend Labs, Inc. (NYSE:BLND) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $4.8833.

A number of equities research analysts have recently commented on BLND shares. Canaccord Genuity Group reiterated a “buy” rating and set a $5.25 price objective on shares of Blend Labs in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Blend Labs in a research report on Wednesday, October 8th. UBS Group reduced their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, August 8th. Keefe, Bruyette & Woods dropped their price target on Blend Labs from $4.00 to $3.75 and set a “market perform” rating on the stock in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded Blend Labs from a “hold” rating to a “sell” rating in a report on Saturday.

Blend Labs Price Performance

NYSE BLND opened at $2.80 on Wednesday. Blend Labs has a 12 month low of $2.50 and a 12 month high of $5.53. The company has a market capitalization of $725.76 million, a P/E ratio of -27.95 and a beta of 1.23. The company’s 50 day simple moving average is $3.60 and its 200 day simple moving average is $3.48.

Blend Labs (NYSE:BLND) last issued its earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). The company had revenue of $31.52 million for the quarter, compared to analysts’ expectations of $31.93 million. On average, analysts anticipate that Blend Labs will post -0.19 earnings per share for the current year.

Insider Activity at Blend Labs

In related news, insider Nima Ghamsari sold 311,886 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $2.90, for a total value of $904,469.40. Following the completion of the transaction, the insider owned 5,754,051 shares of the company’s stock, valued at approximately $16,686,747.90. This trade represents a 5.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brian Kneafsey sold 25,000 shares of Blend Labs stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $3.34, for a total transaction of $83,500.00. Following the transaction, the insider owned 687,909 shares in the company, valued at approximately $2,297,616.06. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 361,886 shares of company stock worth $1,059,719. 35.52% of the stock is currently owned by insiders.

Institutional Trading of Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP grew its holdings in shares of Blend Labs by 10.1% during the third quarter. GSA Capital Partners LLP now owns 278,339 shares of the company’s stock valued at $1,016,000 after buying an additional 25,628 shares in the last quarter. Ground Swell Capital LLC purchased a new stake in Blend Labs in the 3rd quarter worth about $44,000. Savvy Advisors Inc. acquired a new stake in Blend Labs during the 3rd quarter worth about $37,000. Caprock Group LLC purchased a new position in Blend Labs during the 3rd quarter valued at about $268,000. Finally, Rhumbline Advisers grew its stake in Blend Labs by 8.2% during the 3rd quarter. Rhumbline Advisers now owns 329,104 shares of the company’s stock valued at $1,201,000 after acquiring an additional 25,001 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.