Blend Labs (NYSE:BLND) Given New $3.50 Price Target at UBS Group

Key Points

• UBS Group has lowered its price target for Blend Labs (NYSE:BLND) from $4.00 to $3.50, indicating a "neutral" rating with a potential upside of 17.65% from its current price.
• Blend Labs' stock recently dropped by 16.7% to $2.98, with the company reporting a loss of earnings per share that missed analysts' expectations.
• Insider trading activity showed a decline in holdings, with significant sales by insiders, while institutional investors currently own 52.56% of the company's shares.

Blend Labs (NYSE:BLND - Free Report) had its price objective decreased by UBS Group from $4.00 to $3.50 in a research note released on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other analysts have also commented on the company. Canaccord Genuity Group reissued a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a report on Monday, May 12th. JMP Securities reissued a "market outperform" rating and set a $7.00 price objective on shares of Blend Labs in a report on Wednesday, May 28th. 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 report on Tuesday, April 22nd. The Goldman Sachs Group dropped their price target on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Blend Labs from $4.00 to $3.75 and set a "market perform" rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Blend Labs has an average rating of "Moderate Buy" and an average price target of $4.86.

Blend Labs Price Performance

Shares of NYSE BLND traded up $0.05 during mid-day trading on Friday, reaching $2.87. 400,808 shares of the company's stock traded hands, compared to its average volume of 2,832,762. The stock has a market cap of $743.93 million, a P/E ratio of -19.10 and a beta of 1.24. The business has a 50-day simple moving average of $3.44 and a 200 day simple moving average of $3.48. Blend Labs has a 1-year low of $2.63 and a 1-year high of $5.53.

Blend Labs (NYSE:BLND - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.05). The firm had revenue of $31.52 million for the quarter, compared to analysts' expectations of $31.93 million. Equities research analysts anticipate that Blend Labs will post -0.19 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Blend Labs

Several hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in Blend Labs by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 189,417 shares of the company's stock worth $797,000 after acquiring an additional 3,049 shares during the period. Arizona State Retirement System raised its position in shares of Blend Labs by 6.1% in the first quarter. Arizona State Retirement System now owns 61,485 shares of the company's stock valued at $206,000 after purchasing an additional 3,559 shares during the period. Deutsche Bank AG raised its position in shares of Blend Labs by 0.5% in the first quarter. Deutsche Bank AG now owns 1,209,057 shares of the company's stock valued at $4,050,000 after purchasing an additional 5,546 shares during the period. Quadrant Private Wealth Management LLC raised its position in shares of Blend Labs by 7.8% in the first quarter. Quadrant Private Wealth Management LLC now owns 81,801 shares of the company's stock valued at $274,000 after purchasing an additional 5,892 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Blend Labs by 18.4% in the first quarter. Mackenzie Financial Corp now owns 41,511 shares of the company's stock valued at $139,000 after purchasing an additional 6,444 shares during the period. Institutional investors 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.