Better Home & Finance (NASDAQ:BETR) Stock Gets Price Target Reduction from Needham & Company LLC

Key Points

• Needham & Company cut Better Home & Finance’s price target from $25 to $15 but maintained a “buy” rating, implying roughly 63% upside from the stock’s $9.20 price.
• BETR shares fell 6.7% and remain well below their 12-month high of $92.69. Analysts maintain a “Moderate Buy” consensus, with an average price target of $23.14.
• The company reported a quarterly loss of $1.64 per share, worse than the expected $1.41 loss, alongside a negative 94.52% net margin and analysts’ projected full-year loss of $7.98 per share.

Better Home & Finance (NASDAQ:BETR - Get Free Report) had its price target cut by analysts at Needham & Company LLC from $25.00 to $15.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 63.04% from the stock's current price.

BETR has been the subject of several other reports. Cantor Fitzgerald restated an "overweight" rating on shares of Better Home & Finance in a research report on Wednesday, October 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $42.00 target price on shares of Better Home & Finance in a report on Tuesday, August 4th. Weiss Ratings upgraded Better Home & Finance from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, September 22nd. CLSA upgraded Better Home & Finance to a "buy" rating in a research note on Wednesday, September 9th. Finally, BTIG Research lowered their price target on Better Home & Finance from $23.00 to $20.00 and set a "buy" rating for the company in a report on Monday. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Better Home & Finance presently has a consensus rating of "Moderate Buy" and an average price target of $23.14.

Better Home & Finance Stock Down 6.7%

BETR stock opened at $9.20 on Tuesday. Better Home & Finance has a 12 month low of $8.72 and a 12 month high of $92.69. The firm has a market cap of $174.79 million, a P/E ratio of -0.83 and a beta of 1.73. The company's 50-day moving average price is $12.88 and its two-hundred day moving average price is $24.00.

Better Home & Finance (NASDAQ:BETR - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.64) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.23). The firm had revenue of $54.70 million during the quarter. Better Home & Finance had a negative net margin of 94.52% and a negative return on equity of 409.62%. Equities analysts predict that Better Home & Finance will post -7.98 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Paula Tuffin sold 3,108 shares of the business's stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $12.36, for a total transaction of $38,414.88. Following the sale, the general counsel owned 40,931 shares in the company, valued at $505,907.16. The trade was a 7.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Chad M. Smith sold 3,307 shares of the business's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $12.85, for a total value of $42,494.95. Following the sale, the insider owned 1,693 shares in the company, valued at $21,755.05. This represents a 66.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 27.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Better Home & Finance

Several large investors have recently bought and sold shares of BETR. Bank of New York Mellon Corp raised its holdings in Better Home & Finance by 4.1% in the 1st quarter. Bank of New York Mellon Corp now owns 13,890 shares of the company's stock valued at $495,000 after buying an additional 548 shares during the last quarter. Royal Bank of Canada boosted its position in Better Home & Finance by 1,264.0% during the 1st quarter. Royal Bank of Canada now owns 2,728 shares of the company's stock worth $97,000 after buying an additional 2,528 shares during the period. Walleye Capital LLC bought a new stake in Better Home & Finance during the 1st quarter worth approximately $262,000. Stoic Point Capital Management LLC bought a new stake in Better Home & Finance during the 1st quarter worth approximately $467,000. Finally, Alpine Global Management LLC bought a new stake in Better Home & Finance during the 4th quarter worth approximately $456,000. 20.94% of the stock is currently owned by institutional investors.

Better Home & Finance Company Profile

Better Home & Finance Holding Company is a technology-focused homeownership platform that provides digital tools and services for consumers navigating the home-buying and home-financing process. Its offerings are designed to simplify mortgage applications and other transactions through an online platform.

Through its Better Mortgage business, the company originates and facilitates residential mortgage loans. Its broader suite of services has included real estate brokerage, title and settlement services, and homeowners insurance, allowing customers to access several aspects of the homeownership process through a single platform.

Better was founded in 2014 and is associated with founder and Chief Executive Officer Vishal Garg.

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