Citizens Jmp Has Lowered Expectations for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its price objective cut by Citizens Jmp from $4.00 to $2.50 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp‘s target price points to a potential upside of 161.51% from the stock’s current price.

A number of other brokerages have also issued reports on BLND. Canaccord Genuity Group lowered their target price on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Wells Fargo & Company reduced their price target on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 25th. The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a report on Friday, August 7th. Finally, Wall Street Zen cut shares of Blend Labs from a “buy” rating to a “hold” rating in a research report on Sunday, October 25th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.57.

Blend Labs Stock Down 16.1%

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

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.02) EPS for the quarter. The business had revenue of $32.91 million during the quarter, compared to the consensus estimate of $32.47 million. Equities analysts predict that Blend Labs will post -0.04 EPS for the current fiscal year.

Insider Transactions at Blend Labs

In related news, insider Nima Ghamsari sold 22,322 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $1.16, for a total value of $25,893.52. Following the completion of the sale, the insider directly owned 7,707,003 shares of the company’s stock, valued at $8,940,123.48. This represents a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock in a transaction dated 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 owned 236,563 shares in the company, valued at approximately $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 239,072 shares of company stock valued at $281,085. 40.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

Several institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC bought a new position in Blend Labs in the second quarter worth approximately $62,000. Squarepoint Ops LLC bought a new stake in Blend Labs during the 2nd quarter valued at $212,000. AXQ Capital LP bought a new stake in Blend Labs during the 2nd quarter valued at $68,000. Bank of America Corp DE boosted its position in Blend Labs by 6.8% during the 1st quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after acquiring an additional 21,713 shares in the last quarter. Finally, Irenic Capital Management LP boosted its position in Blend Labs by 3.6% during the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after acquiring an additional 79,901 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.