Blend Labs (NYSE:BLND) Stock Price Target Lowered at Citizens Jmp

Blend Labs (NYSE:BLND) had its price target lowered by analysts at Citizens Jmp from $4.00 to $2.50 in a research note issued on Friday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp‘s target price would indicate a potential upside of 161.51% from the company’s current price.

BLND has been the topic of a number of other research reports. The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a research report on Friday, August 7th. Wells Fargo & Company decreased their target price on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Blend Labs from a “buy” rating to a “hold” rating in a research note on Sunday, October 25th. Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.57.

Blend Labs Price Performance

Blend Labs stock traded down $0.18 during trading hours on Friday, reaching $0.96. The stock had a trading volume of 605,760 shares, compared to its average volume of 3,023,450. The company has a market cap of $226.11 million, a price-to-earnings ratio of -10.73 and a beta of 1.05. The business’s 50 day moving average price is $1.20 and its 200-day moving average price is $1.60. Blend Labs has a 52 week low of $0.85 and a 52 week high of $3.44.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.02) EPS for the quarter. The business had revenue of $32.91 million for the quarter, compared to analyst estimates of $32.47 million. On average, sell-side analysts forecast that Blend Labs will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 27,775 shares of the firm’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $0.92, for a total value of $25,553.00. Following the completion of the transaction, the insider directly owned 7,750,693 shares in the company, valued at $7,130,637.56. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the transaction, the insider directly owned 236,563 shares of the company’s stock, valued at $338,285.09. This represents a 24.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 239,072 shares of company stock valued at $281,085 in the last 90 days. 40.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blend Labs

Hedge funds have recently bought and sold shares of the business. Essential Partners LLC lifted its position in shares of Blend Labs by 21,768.1% during the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after buying an additional 15,673 shares in the last quarter. Caerus Investment Advisors LLC acquired a new position in Blend Labs during the first quarter worth about $41,000. Abel Hall LLC acquired a new position in shares of Blend Labs during the 1st quarter worth approximately $48,000. Hyperion Capital Advisors LP acquired a new position in Blend Labs during the second quarter worth $51,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Blend Labs in the second quarter valued at about $62,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.