Blend Labs (NYSE:BLND) Coverage Initiated by Analysts at Compass Point

Analysts at Compass Point began coverage on shares of Blend Labs (NYSE:BLNDGet Rating) in a report released on Wednesday, Briefing.com reports. The brokerage set a “neutral” rating and a $4.20 price target on the stock. Compass Point’s target price suggests a potential upside of 30.03% from the company’s previous close.

A number of other research firms have also recently issued reports on BLND. Canaccord Genuity Group cut Blend Labs from a “buy” rating to a “hold” rating and decreased their target price for the company from $28.00 to $5.00 in a research note on Friday, April 1st. Truist Financial cut their price objective on Blend Labs from $7.50 to $5.50 and set a “hold” rating on the stock in a report on Friday, April 1st. Wells Fargo & Company cut Blend Labs from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $11.00 to $5.00 in a report on Friday, April 1st. KeyCorp cut their price objective on Blend Labs from $10.00 to $6.00 and set an “overweight” rating on the stock in a report on Friday, April 1st. Finally, Canaccord Genuity Group cut Blend Labs from a “buy” rating to a “hold” rating and cut their price objective for the company from $28.00 to $5.00 in a report on Friday, April 1st. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.02.

Blend Labs stock opened at $3.23 on Wednesday. The stock has a 50-day simple moving average of $4.81 and a 200 day simple moving average of $7.46. The company has a quick ratio of 10.21, a current ratio of 10.38 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $710.52 million and a price-to-earnings ratio of -3.17. Blend Labs has a 12-month low of $2.72 and a 12-month high of $21.04.

Blend Labs (NYSE:BLNDGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). The firm had revenue of $71.52 million during the quarter, compared to analyst estimates of $64.38 million. Blend Labs had a negative return on equity of 44.18% and a negative net margin of 79.46%. As a group, sell-side analysts anticipate that Blend Labs will post -0.83 EPS for the current year.

In other news, insider Crystal Sumner sold 20,289 shares of Blend Labs stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $3.31, for a total transaction of $67,156.59. Following the completion of the transaction, the insider now directly owns 654,749 shares in the company, valued at approximately $2,167,219.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Timothy J. Mayopoulos sold 32,298 shares of Blend Labs stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $3.31, for a total value of $106,906.38. Following the transaction, the president now owns 661,071 shares of the company’s stock, valued at $2,188,145.01. The disclosure for this sale can be found here. Insiders have sold a total of 54,670 shares of company stock worth $188,311 in the last ninety days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lightspeed Ultimate General Partner IX Ltd. bought a new stake in shares of Blend Labs during the 4th quarter valued at $108,767,000. Temasek Holdings Private Ltd bought a new stake in shares of Blend Labs during the 3rd quarter valued at $160,085,000. General Atlantic L.P. acquired a new position in shares of Blend Labs during the 3rd quarter worth $154,130,000. Coatue Management LLC acquired a new position in shares of Blend Labs during the 3rd quarter worth $146,919,000. Finally, Vanguard Group Inc. increased its holdings in Blend Labs by 1,862.4% in the 1st quarter. Vanguard Group Inc. now owns 11,117,426 shares of the company’s stock worth $63,369,000 after purchasing an additional 10,550,895 shares in the last quarter. Institutional investors and hedge funds own 52.80% of the company’s stock.

Blend Labs Company Profile (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.

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