Blend Labs (NYSE:BLND- Get a rating) was downgraded by Canaccord Genuity Group equity researchers from a “buy” rating to a “hold” rating in a research report delivered to clients and investors on Friday, Fly reports. They currently have a price target of $5.00 on the stock, down from their previous price target of $28.00. Canaccord Genuity Group’s price target indicates a potential decline of 12.28% from the current share price.
BLND has been the subject of several other research reports. Truist Financial downgraded Blend Labs from a “buy” rating to a “hold” rating and set a price target of $7.50 for the company. in a research report on Monday, March 21. Piper Sandler downgraded shares of Blend Labs from an “overweight” rating to a “neutral” rating and lowered her price target for the company from $10.00 to $5.50 in a research note on Friday. Keefe, Bruyette & Woods began covering Blend Labs stocks in a research note on Monday, February 14. They set a “market performance” rating and a price target of $11.75 for the company. Goldman Sachs Group cut its price target on Blend Labs shares from $23.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, KeyCorp cut its price target on Blend Labs from $10.00 to $6.00 and set an “overweight” rating on the stock in a research report on Friday. One financial analyst gave the stock a sell rating, seven gave the company a hold rating and four gave the company a buy rating. According to data from MarketBeat.com, Blend Labs has an average rating of “Hold” and an average price target of $10.07.
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Shares of BLND opened at $5.70 on Friday. Blend Labs has a 12-month low of $5.67 and a 12-month high of $21.04. The company has a current ratio of 10.40, a quick ratio of 10.40 and a debt ratio of 0.26. The company’s fifty-day simple moving average is $7.94 and its two-hundred-day simple moving average is $10.18.
Blend Labs (NYSE:BLND- Get a rating) last announced its results on Thursday, March 31. The company reported ($0.19) EPS for the quarter, meeting the Zacks consensus estimate of ($0.19). The company posted revenue of $80.99 million in the quarter, versus a consensus estimate of $81.25 million. The company’s quarterly revenue increased 164.4% year over year. Stock analysts expect Blend Labs to post -0.96 earnings per share for the current year.
In other news, Insider crystal sumner sold 3,884 shares of Blend Labs in a trade dated Tuesday, February 22. The shares were sold at an average price of $8.99, for a total value of $34,917.16. The sale was disclosed in an SEC filing, available at this hyperlink. Insiders sold a total of 10,134 shares of the company worth $82,210 in the past three months.
Several large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Blend Labs by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 102,205 shares of the company valued at $751,000 after purchasing an additional 1,954 shares in the last quarter. HighTower Advisors LLC increased its stake in Blend Labs by 6.3% during the fourth quarter. HighTower Advisors LLC now owns 36,637 shares of the company worth $268,000 after purchasing an additional 2,185 shares during the period. Royal Bank of Canada acquired a new stake in Blend Labs during the third quarter worth approximately $32,000. Morgan Stanley bought a new stake in Blend Labs during the third quarter worth about $80,000. Finally, Blair William & Co. IL increased its equity stake in Blend Labs by 12.4% in the fourth quarter. Blair William & Co. IL now owns 83,049 shares of the company valued at $610,000 after purchasing an additional 9,188 shares during the period. 54.16% of the shares are held by institutional investors and hedge funds.
Blend Labs Company Profile (Get a rating)
Blend Labs, Inc provides cloud-based software platform solutions for financial services companies in the United States. The company offers a range of white label products for mortgages, home equity loans and lines of credit, auto loans, personal loans, credit cards and deposit accounts. It serves banks, credit unions, fintechs and non-bank mortgage lenders.
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