Blend Labs (NYSE:BLND) Posts Earnings Results, Misses Estimates By $0.04 EPS

Blend Labs (NYSE:BLND - Get Free Report) released its earnings results on Thursday. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.04), Zacks reports. The company had revenue of $41.41 million for the quarter, compared to the consensus estimate of $41.39 million.

Blend Labs Stock Down 5.0 %

Shares of NYSE BLND traded down $0.16 during mid-day trading on Monday, hitting $2.98. 3,469,801 shares of the company were exchanged, compared to its average volume of 3,147,656. The stock has a 50 day simple moving average of $3.85 and a 200-day simple moving average of $4.02. Blend Labs has a 1-year low of $2.08 and a 1-year high of $5.53. The firm has a market cap of $761.39 million, a price-to-earnings ratio of -8.75 and a beta of 1.36.

Analysts Set New Price Targets

BLND has been the subject of a number of recent research reports. Wells Fargo & Company raised their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. The Goldman Sachs Group lifted their target price on shares of Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a report on Thursday, November 7th. JMP Securities began coverage on shares of Blend Labs in a report on Wednesday, December 18th. They set an "outperform" rating and a $7.00 target price for the company. Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a report on Wednesday, December 18th. Finally, UBS Group cut their price target on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Friday. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4.91.

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Insider Buying and Selling

In other news, insider Brian Kneafsey sold 30,000 shares of the firm's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total value of $153,600.00. Following the completion of the transaction, the insider now owns 937,439 shares in the company, valued at $4,799,687.68. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm's 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 transaction, the director now owns 331,130 shares of the company's stock, valued at approximately $1,821,215. This represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,737 shares of company stock valued at $1,196,254 over the last three months. 13.21% of the stock is currently owned by company insiders.

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.