Blend Labs (NYSE:BLND) Announces Earnings Results

Blend Labs (NYSE:BLND) announced its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04), Zacks reports.

Blend Labs Stock Down 3.2 %

Shares of NYSE:BLND traded down $0.12 during trading on Thursday, hitting $3.52. 4,857,920 shares of the company were exchanged, compared to its average volume of 2,957,441. The business’s 50 day moving average is $3.89 and its 200-day moving average is $4.02. The company has a market capitalization of $901.90 million, a P/E ratio of -10.36 and a beta of 1.36. Blend Labs has a 1-year low of $2.08 and a 1-year high of $5.53.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total value of $151,500.00. Following the transaction, the insider now owns 907,439 shares of the company’s stock, valued at approximately $4,582,566.95. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the sale, the director now owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,737 shares of company stock worth $1,196,254 over the last three months. Company insiders own 13.21% of the company’s stock.

Wall Street Analyst Weigh In

BLND has been the subject of a number of research analyst reports. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. JMP Securities initiated coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.75 price target on shares of Blend Labs in a research note on Friday, December 20th. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.11.

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.