Blend Labs (NYSE:BLND) Lowered to “Sell” Rating by Wall Street Zen

Blend Labs (NYSE:BLND) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

BLND has been the topic of several other reports. The Goldman Sachs Group dropped their target price on Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a report on Monday, May 12th. Wells Fargo & Company dropped their target price on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their target price on Blend Labs from $4.00 to $3.75 and set a “market perform” rating on the stock in a report on Friday. Canaccord Genuity Group reissued a “buy” rating and issued a $5.25 target price on shares of Blend Labs in a report on Monday, May 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $7.00 target price on shares of Blend Labs in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Blend Labs has a consensus rating of “Moderate Buy” and a consensus target price of $4.86.

Blend Labs Stock Down 24.1%

Shares of BLND stock opened at $2.71 on Friday. The stock has a market cap of $703.68 million, a price-to-earnings ratio of -18.07 and a beta of 1.24. The business’s fifty day moving average is $3.46 and its 200 day moving average is $3.49. Blend Labs has a twelve month low of $2.63 and a twelve month high of $5.53.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.05). The company had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.93 million. Equities research analysts expect that Blend Labs will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 75,720 shares of the company’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $3.30, for a total transaction of $249,876.00. Following the transaction, the insider directly owned 6,065,937 shares of the company’s stock, valued at $20,017,592.10. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian Kneafsey sold 25,000 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $3.63, for a total value of $90,750.00. Following the transaction, the insider directly owned 721,598 shares in the company, valued at approximately $2,619,400.74. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 224,850 shares of company stock worth $763,164. Corporate insiders own 35.52% of the company’s stock.

Institutional Trading of Blend Labs

A number of hedge funds have recently bought and sold shares of BLND. Revolve Wealth Partners LLC purchased a new stake in Blend Labs during the fourth quarter valued at $132,000. JPMorgan Chase & Co. increased its position in Blend Labs by 45.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,486,222 shares of the company’s stock valued at $10,467,000 after acquiring an additional 771,267 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Blend Labs by 31.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock valued at $120,000 after acquiring an additional 6,763 shares during the last quarter. Geode Capital Management LLC increased its position in Blend Labs by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock valued at $20,391,000 after acquiring an additional 75,379 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Blend Labs by 49.7% during the fourth quarter. Wells Fargo & Company MN now owns 121,206 shares of the company’s stock valued at $510,000 after acquiring an additional 40,266 shares during the last quarter. Hedge funds and other institutional investors 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.