Blend Labs, Inc. (NYSE:BLND) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Blend Labs, Inc. (NYSE:BLND) have received an average rating of “Moderate Buy” from the nine analysts that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.11.

A number of equities analysts recently commented on BLND shares. UBS Group lifted their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. JMP Securities initiated coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Finally, The Goldman Sachs Group raised their target price on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

Insider Activity at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the transaction, the director now owns 387,620 shares of the company’s stock, valued at $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the sale, the insider now directly owns 776,759 shares of the company’s stock, valued at $2,897,311.07. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 331,782 shares of company stock worth $1,504,778. Corporate insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in shares of Blend Labs in the third quarter worth about $63,000. Summit Trail Advisors LLC grew its holdings in Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after acquiring an additional 4,953 shares during the last quarter. RiverPark Advisors LLC bought a new position in shares of Blend Labs during the third quarter valued at $77,000. FMR LLC raised its stake in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after acquiring an additional 3,576 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Blend Labs during the fourth quarter worth $114,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Down 3.2 %

Shares of Blend Labs stock opened at $3.84 on Monday. The stock has a market cap of $981.49 million, a P/E ratio of -11.28 and a beta of 1.38. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53. The business’s 50 day moving average is $4.35 and its 200-day moving average is $3.91.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $45.18 million for the quarter, compared to analysts’ expectations of $41.30 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. On average, sell-side analysts expect that Blend Labs will post -0.19 EPS for the current year.

About Blend Labs

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.