Wells Fargo & Company Issues Pessimistic Forecast for Blend Labs (NYSE:BLND) Stock Price

Key Points

• Wells Fargo cut Blend Labs’ price target from $4.00 to $3.00 but maintained an “overweight” rating, implying roughly 77% upside from the stock’s $1.70 price.
• Blend Labs shares fell 13.1% to $1.70, while the company’s latest quarterly results missed EPS expectations despite revenue slightly exceeding forecasts.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $3.15, while institutional investors own 52.56% of outstanding shares.

Blend Labs (NYSE:BLND - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $4.00 to $3.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 76.99% from the stock's current price.

A number of other brokerages also recently issued reports on BLND. Zacks Research downgraded shares of Blend Labs from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods reduced their price target on shares of Blend Labs from $2.25 to $1.90 and set a "market perform" rating for the company in a research report on Friday, May 8th. The Goldman Sachs Group set a $3.50 price target on shares of Blend Labs in a report on Friday, May 8th. Citigroup reiterated a "market outperform" rating on shares of Blend Labs in a research report on Tuesday, July 21st. Finally, Canaccord Genuity Group reduced their target price on Blend Labs from $5.25 to $4.50 and set a "buy" rating for the company in a research report on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $3.15.

Blend Labs Stock Down 13.1%

Blend Labs stock traded down $0.26 during midday trading on Friday, reaching $1.70. The stock had a trading volume of 2,950,818 shares, compared to its average volume of 3,473,998. The firm has a market capitalization of $410.39 million, a PE ratio of -16.95 and a beta of 1.09. Blend Labs has a 12 month low of $1.18 and a 12 month high of $4.49. The firm's 50-day moving average price is $1.75 and its 200 day moving average price is $1.76.

Blend Labs (NYSE:BLND - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $33.84 million for the quarter, compared to the consensus estimate of $33.08 million. Equities research analysts expect that Blend Labs will post -0.05 EPS for the current year.

Institutional Investors Weigh In On Blend Labs

Several institutional investors have recently bought and sold shares of BLND. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Blend Labs during the third quarter valued at approximately $32,000. Captrust Financial Advisors bought a new stake in Blend Labs during the 2nd quarter valued at $35,000. Jump Financial LLC purchased a new stake in Blend Labs during the 2nd quarter valued at $38,000. Wexford Capital LP bought a new stake in Blend Labs in the 3rd quarter worth $45,000. Finally, Cibc World Markets Corp bought a new position in shares of Blend Labs during the fourth quarter valued at about $40,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Company Profile

Blend Labs, Inc operates as a financial technology company that offers a digital consumer banking platform designed to simplify and automate the lending and account opening processes for banks and credit unions. Its cloud-native software enables financial institutions to deliver a more seamless customer experience by consolidating multiple steps—such as application intake, identity verification, document collection and underwriting—into a unified digital workflow. Blend's platform is built to integrate with existing core banking systems and third-party data providers, allowing clients to accelerate loan origination and deposit account opening while maintaining compliance and security standards.

The company's product suite includes solutions for mortgage origination, home equity lending, consumer personal lending and deposit account opening.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source