Blend Labs, Inc. (NYSE: BLND – Get a rating) Chairman Timothy J. Mayopoulos sold 8,610 shares of the company in a transaction that took place on Wednesday, October 19. The shares were sold at an average price of $1.97, for a total transaction of $16,961.70. Following completion of the transaction, the president now owns 559,884 shares of the company, valued at approximately $1,102,971.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website.
Blend Labs Stock Performance
Action Blend Labs traded down $0.02 during Friday’s midday session, hitting $1.92. The company’s stock had a trading volume of 1,279,360 shares, compared to an average volume of 2,232,856. The company has a market capitalization of $426.73 million, a price-earnings ratio of -0.63 and a beta of 0.68. The company has a 50-day moving average price of $2.69 and a 200-day moving average price of $3.18. The company has a current ratio of 10.49, a quick ratio of 10.49 and a debt ratio of 0.77. Blend Labs, Inc. has a 12-month low of $1.80 and a 12-month high of $16.26.
Mixing laboratories (NYSE: BLND – Get a rating) last released its quarterly earnings data on Monday, August 15. The company reported ($0.32) EPS for the quarter, missing analyst consensus estimates of ($0.23) by ($0.09). The company posted revenue of $65.54 million in the quarter, versus analyst estimates of $59.96 million. Blend Labs had a negative return on equity of 42.53% and a negative net margin of 228.19%. The company’s revenue for the quarter increased by 104.4% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of ($0.48). Sell-side analysts expect Blend Labs, Inc. to post -1.04 EPS for the current fiscal year.
Hedge funds weigh on Blend Labs
A number of hedge funds have recently increased or reduced their stakes in the company. Royal Bank of Canada increased its holdings of Blend Labs shares by 418.5% in the first quarter. Royal Bank of Canada now owns 6,009 shares of the company valued at $34,000 after acquiring an additional 4,850 shares during the period. CTC Capital Management LLC acquired a new position in shares of Blend Labs during the first quarter worth $60,000. Quantbot Technologies LP acquired a new position in shares of Blend Labs during the first quarter worth $63,000. Solstein Capital LLC acquired a new position in shares of Blend Labs during the first quarter worth $68,000. Finally, Walleye Capital LLC acquired a new position in shares of Blend Labs during the second quarter at a value of $28,000. Institutional investors and hedge funds own 59.45% of the company’s shares.
Analyst upgrades and downgrades
BLND has been the subject of a number of analyst reports. Canaccord Genuity Group lowered its price target on Blend Labs shares from $5.00 to $4.00 and placed a “hold” rating on the stock in a Friday, Aug. 19 research note. Piper Sandler raised her price target on Blend Labs shares from $2.50 to $3.20 and gave the company a “neutral” rating in a Tuesday, Aug. 16 research note. Goldman Sachs Group lowered its price target on Blend Labs shares from $5.25 to $3.25 and placed a “buy” rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods reiterated a “downgrade” note on Blend Labs stock in a Monday, July 25 research note. Finally, Canaccord Genuity Group lowered its price target on Blend Labs shares from $5.00 to $4.00 in a Friday, August 19 research note. Seven equity research analysts gave the stock a hold rating and two gave the stock a buy rating. According to MarketBeat, Blend Labs has an average rating of “Hold” and a consensus target price of $4.21.
About Blend Labs
Blend Labs, Inc provides cloud-based software platform solutions for financial services companies in the United States. It operates in two segments, Blend Platform and Title365. 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.
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