Blend Labs, Inc. (NYSE:BLND) Receives $5.11 Consensus PT from Analysts

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine brokerages that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $5.11.

BLND has been the topic of several research analyst reports. Citizens Jmp upgraded shares of Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods lifted their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a "market perform" rating in a research report on Thursday, November 7th. Canaccord Genuity Group reiterated a "buy" rating and set a $5.75 target price on shares of Blend Labs in a research note on Friday, December 20th. Finally, Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the stock an "overweight" rating in a research note on Thursday, December 5th.

Blend Labs Price Performance

NYSE BLND traded down $0.11 during mid-day trading on Monday, reaching $3.95. The stock had a trading volume of 1,265,561 shares, compared to its average volume of 2,957,840. The company has a fifty day moving average price of $4.25 and a 200 day moving average price of $3.92. Blend Labs has a 1 year low of $2.08 and a 1 year high of $5.53. The stock has a market cap of $1.01 billion, a PE ratio of -11.60 and a beta of 1.36.

Blend Labs (NYSE:BLND - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.02). The firm had revenue of $45.18 million during the quarter, compared to analysts' expectations of $41.30 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. As a group, equities research analysts expect that Blend Labs will post -0.19 earnings per share for the current year.

Insider Transactions at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares of the company's stock, valued at $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Oxana Tkach sold 18,324 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.18, for a total transaction of $94,918.32. Following the sale, the insider now owns 88,677 shares in the company, valued at $459,346.86. The trade was a 17.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 331,782 shares of company stock worth $1,504,778 in the last three months. Corporate insiders own 13.21% of the company's stock.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC boosted its position in shares of Blend Labs by 253.8% during the second quarter. Squarepoint Ops LLC now owns 523,094 shares of the company's stock worth $1,235,000 after acquiring an additional 375,233 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Blend Labs during the 2nd quarter valued at about $211,000. Algert Global LLC grew its position in shares of Blend Labs by 27.6% during the second quarter. Algert Global LLC now owns 86,156 shares of the company's stock valued at $203,000 after purchasing an additional 18,656 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Blend Labs during the third quarter valued at about $660,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Blend Labs in the third quarter worth about $1,803,000. Institutional investors own 52.56% of the company's stock.

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.