Blend Labs (NYSE:BLND) Upgraded by Wall Street Zen to Hold Rating

Blend Labs (NYSE:BLND) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday.

BLND has been the subject of several other research reports. UBS Group lowered their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, August 8th. The Goldman Sachs Group lowered their price target on shares of Blend Labs from $5.60 to $4.80 and set a “buy” rating for the company in a research report on Monday, May 12th. Wells Fargo & Company lowered their price target on shares of Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. JMP Securities restated a “market outperform” rating and set a $7.00 price target on shares of Blend Labs in a research report on Wednesday, May 28th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Blend Labs from $4.00 to $3.75 and set a “market perform” rating for the company in a research report on Friday, August 8th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.88.

Blend Labs Price Performance

BLND stock opened at $2.83 on Friday. Blend Labs has a 1-year low of $2.63 and a 1-year high of $5.53. The firm has a fifty day moving average price of $3.38 and a two-hundred day moving average price of $3.45. The firm has a market cap of $734.84 million, a price-to-earnings ratio of -18.87 and a beta of 1.24.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.05). The firm had revenue of $31.52 million for the quarter, compared to analyst estimates of $31.93 million. As a group, analysts expect that Blend Labs will post -0.19 EPS for the current fiscal year.

Insider Transactions at Blend Labs

In related news, insider Brian Kneafsey sold 25,000 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $3.63, for a total value of $90,750.00. Following the completion of the transaction, the insider owned 721,598 shares in the company, valued at $2,619,400.74. This represents a 3.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $3.30, for a total transaction of $249,876.00. Following the completion of the transaction, the insider owned 6,065,937 shares of the company’s stock, valued at $20,017,592.10. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 224,850 shares of company stock valued at $763,164 in the last quarter. 35.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in Blend Labs by 1.6% in the 4th quarter. California State Teachers Retirement System now owns 189,417 shares of the company’s stock valued at $797,000 after acquiring an additional 3,049 shares during the last quarter. Arizona State Retirement System lifted its holdings in Blend Labs by 6.1% in the 1st quarter. Arizona State Retirement System now owns 61,485 shares of the company’s stock valued at $206,000 after acquiring an additional 3,559 shares during the last quarter. Deutsche Bank AG lifted its holdings in Blend Labs by 0.5% in the 1st quarter. Deutsche Bank AG now owns 1,209,057 shares of the company’s stock valued at $4,050,000 after acquiring an additional 5,546 shares during the last quarter. Quadrant Private Wealth Management LLC lifted its holdings in Blend Labs by 7.8% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 81,801 shares of the company’s stock valued at $274,000 after acquiring an additional 5,892 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Blend Labs by 18.4% in the 1st quarter. Mackenzie Financial Corp now owns 41,511 shares of the company’s stock valued at $139,000 after acquiring an additional 6,444 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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.