Blend Labs (NYSE:BLND) Price Target Cut to $5.50 by Truist Financial Analysts

Blend Labs (NYSE:BLND- Get a rating) saw its target price reduced by analysts at Truist Financial from $7.50 to $5.50 in a research report released Friday to clients and investors, Benzinga reports. The brokerage currently has a “holding” rating on the stock. Truist Financial’s target price would suggest a potential downside of 3.51% from the stock’s previous close.

A number of other research analysts have also weighed in on the company recently. Zacks Investment Research downgraded Blend Labs from a “hold” rating to a “sell” rating in a Wednesday, March 23 research note. KeyCorp lowered its price target on Blend Labs from $10.00 to $6.00 and set an “overweight” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods launched coverage on Blend Labs in a research report on Monday, February 14. They issued a “market performance” rating and a price target of $11.75 on the stock. Piper Sandler downgraded Blend Labs from an “overweight” rating to a “neutral” rating and lowered its price target for the stock from $10.00 to $5.50 in a report released Friday. Finally, Canaccord Genuity Group downgraded Blend Labs from a “buy” rating to a “hold” rating and lowered its price target for the company from $28.00 to $5.00 in a research note on Friday. . One equity research analyst gave the stock a sell rating, seven gave the stock a hold rating and four gave the stock a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.89.

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NYSE:BLND shares opened at $5.70 on Friday. The company has a current ratio of 10.40, a quick ratio of 10.40 and a debt ratio of 0.26. Blend Labs has a 1-year low of $5.67 and a 1-year high of $21.04. The company has a fifty-day simple moving average of $7.94 and a 200-day simple moving average of $10.18.

Blend Labs (NYSE:BLND- Get a rating) last reported quarterly earnings data on Thursday, March 31. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting Thomson Reuters consensus estimate of ($0.19). The company posted revenue of $80.99 million for the quarter, versus $81.25 million expected by analysts. The company’s revenue for the quarter increased by 164.4% compared to the same quarter last year. Analysts expect Blend Labs to post -0.96 earnings per share for the current fiscal year.

In other news, Insider crystal sumner sold 3,884 shares of the company in a transaction dated Tuesday, February 22. The stock was sold at an average price of $8.99, for a total transaction of $34,917.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Insiders sold 10,134 shares of the company valued at $82,210 in the past 90 days.

A number of large investors have recently increased or reduced their stakes in BLND. Royal Bank of Canada bought a new position in shares of Blend Labs during the third quarter for a value of approximately $32,000. WBH Advisory Inc. purchased a new stock position in Blend Labs during the fourth quarter for a value of approximately $76,000. CIBC Asset Management Inc. bought a new position in shares of Blend Labs during the fourth quarter for a value of approximately $77,000. Morgan Stanley bought a new stock position in Blend Labs during the third quarter for a value of about $80,000. Finally, Parallax Volatility Advisers LP purchased a new stock position in Blend Labs during the fourth quarter for a value of approximately $134,000. Hedge funds and other institutional investors own 54.16% of the company’s shares.

Blend Labs Company Profile (Get a rating)

Blend Labs, Inc provides cloud-based software platform solutions for financial services companies in the United States. The company offers a range of white label products for mortgages, home equity loans and lines of credit, auto loans, personal loans, credit cards and deposit accounts. It serves banks, credit unions, fintechs and non-bank mortgage lenders.

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