Keefe, Bruyette & Woods Cuts Blend Labs (NYSE:BLND) Price Target to $3.75

Key Points

• Keefe, Bruyette & Woods has lowered the target price for Blend Labs (NYSE:BLND) stock from $4.00 to $3.75, indicating a potential upside of 24.38% from its current price.
• Blend Labs recently reported earnings of ($0.03) per share, missing analysts' expectations of $0.02, with revenue also falling short at $31.52 million compared to the forecasted $31.93 million.
• Insider trading showed significant sales, with insider Nima Ghamsari selling 75,720 shares at an average price of $3.30, reducing their ownership in the company.

Blend Labs (NYSE:BLND - Free Report) had its target price lowered by Keefe, Bruyette & Woods from $4.00 to $3.75 in a research report sent to investors on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

BLND has been the subject of a number of other reports. Canaccord Genuity Group restated a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a research report on Monday, May 12th. Wells Fargo & Company decreased their price objective on Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. JMP Securities restated a "market outperform" rating and set a $7.00 price objective on shares of Blend Labs in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group cut their price target on Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.88.

Blend Labs Stock Performance

Shares of NYSE:BLND traded up $0.09 on Friday, hitting $3.02. The company's stock had a trading volume of 245,962 shares, compared to its average volume of 2,833,613. Blend Labs has a 12 month low of $2.63 and a 12 month high of $5.53. The company has a market capitalization of $782.87 million, a price-to-earnings ratio of -19.97 and a beta of 1.24. The stock's 50-day moving average is $3.43 and its two-hundred day moving average is $3.47.

Blend Labs (NYSE:BLND - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.05). The company had revenue of $31.52 million during the quarter, compared to analyst estimates of $31.93 million. Equities analysts expect that Blend Labs will post -0.19 earnings per share for the current fiscal year.

Insider Activity at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 75,720 shares of Blend Labs stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the transaction, the insider directly owned 6,065,937 shares of the company's stock, valued at $20,017,592.10. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian Kneafsey sold 25,000 shares of Blend Labs stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $3.63, for a total value of $90,750.00. Following the completion of the transaction, the insider directly owned 721,598 shares in the company, valued at approximately $2,619,400.74. This represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 224,850 shares of company stock worth $763,164. Company insiders own 35.52% of the company's stock.

Institutional Trading of Blend Labs

Several institutional investors have recently modified their holdings of the company. Merit Financial Group LLC acquired a new stake in Blend Labs in the 1st quarter valued at $36,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Blend Labs in the second quarter worth $37,000. Quadrature Capital Ltd acquired a new position in Blend Labs in the second quarter worth $40,000. Truist Financial Corp acquired a new position in Blend Labs in the second quarter worth $41,000. Finally, Crescent Park Management L.P. acquired a new position in Blend Labs in the first quarter worth $43,000. Institutional investors and hedge funds own 52.56% of the company's stock.

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.