Zacks Investment Research Downgrades Blend Labs (NYSE:BLND) to Hold

Zacks Investment Research lowered shares of Blend Labs (NYSE:BLNDGet Rating) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Blend Labs Inc. designs and develops software. The Company offers a platform which focuses on mortgage lending, as well as provides an application experience for home buying process for both buyers and lenders. Blend Labs Inc. is based in San Francisco, United States. “

A number of other research analysts have also weighed in on BLND. Keefe, Bruyette & Woods started coverage on shares of Blend Labs in a research note on Monday, February 14th. They issued a market perform rating and a $11.75 price target on the stock. Wells Fargo & Company lowered shares of Blend Labs from an overweight rating to an equal weight rating and decreased their price target for the company from $11.00 to $5.00 in a research note on Friday, April 1st. The Goldman Sachs Group decreased their price target on shares of Blend Labs from $8.00 to $7.00 and set a buy rating on the stock in a research note on Tuesday, April 19th. Truist Financial decreased their price target on shares of Blend Labs from $7.50 to $5.50 and set a hold rating on the stock in a research note on Friday, April 1st. Finally, Canaccord Genuity Group lowered shares of Blend Labs from a buy rating to a hold rating and decreased their target price for the stock from $28.00 to $5.00 in a research note on Friday, April 1st. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $9.45.

BLND stock opened at $3.41 on Tuesday. The company’s 50-day simple moving average is $5.08 and its 200-day simple moving average is $7.84. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.28. Blend Labs has a 52-week low of $2.72 and a 52-week high of $21.04. The firm has a market cap of $749.43 million and a P/E ratio of -3.34.

Blend Labs (NYSE:BLNDGet Rating) last posted its earnings results on Thursday, March 31st. The company reported ($0.19) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.19). The business had revenue of $80.99 million for the quarter, compared to analyst estimates of $81.25 million. Blend Labs had a negative net margin of 79.46% and a negative return on equity of 50.50%. The firm’s revenue was up 164.4% on a year-over-year basis. On average, analysts anticipate that Blend Labs will post -0.83 earnings per share for the current fiscal year.

In related news, insider Crystal Sumner sold 3,884 shares of the business’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $8.99, for a total value of $34,917.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Several hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its holdings in Blend Labs by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 102,205 shares of the company’s stock worth $751,000 after purchasing an additional 1,954 shares during the period. HighTower Advisors LLC increased its holdings in Blend Labs by 6.3% during the 4th quarter. HighTower Advisors LLC now owns 36,637 shares of the company’s stock worth $268,000 after purchasing an additional 2,185 shares during the period. Royal Bank of Canada purchased a new stake in Blend Labs during the 3rd quarter worth about $32,000. Morgan Stanley purchased a new stake in Blend Labs during the 3rd quarter worth about $80,000. Finally, Blair William & Co. IL increased its holdings in Blend Labs by 12.4% during the 4th quarter. Blair William & Co. IL now owns 83,049 shares of the company’s stock worth $610,000 after purchasing an additional 9,188 shares during the period. Hedge funds and other institutional investors own 52.80% of the company’s stock.

About Blend Labs (Get Rating)

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.

Further Reading

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