Blend Labs (NYSE: BLND) Announces Quarterly Results

Blend Labs (NYSE:BLND- Get a rating) released its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting analyst consensus estimates of ($0.19), MarketWatch Earnings reports. The company posted revenue of $80.99 million for the quarter, versus a consensus estimate of $81.25 million. The company’s quarterly revenue increased 164.4% year over year. Blend Labs has updated its first quarter 2022 guidance for EPS and its fiscal year 2022 guidance for EPS.

NYSE BLND shares opened at $5.70 on Friday. Blend Labs has a 1-year low of $5.67 and a 1-year high of $21.04. The company has a current ratio of 10.40, a quick ratio of 10.40 and a debt ratio of 0.26. The company’s 50-day moving average is $7.94 and its 200-day moving average is $10.18.

A number of stock analysts have recently commented on BLND shares. Truist Financial cut Blend Labs shares from a “buy” rating to a “hold” rating and set a target price of $7.50 for the stock. in a research report on Monday, March 21. Piper Sandler cut Blend Labs shares from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $5.50 in a research report on Friday. Canaccord Genuity Group cut Blend Labs shares from a “buy” rating to a “hold” rating and lowered its target price for the stock from $28.00 to $5.00 in a research report on Friday . Wells Fargo & Company cut Blend Labs shares from an “overweight” rating to an “equal weight” rating and lowered its target price for the stock from $11.00 to $5.00 in a research report Friday. Finally, KeyCorp lowered its price target on Blend Labs shares from $10.00 to $6.00 and set an “overweight” rating on the stock in a research report on Friday. One research analyst rated the stock with a sell rating, seven gave the stock a hold rating and four gave the stock a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.07.

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In related news, Insider crystal sumner sold 3,884 shares of the company in a transaction dated Tuesday, February 22. The shares were sold at an average price of $8.99, for a total transaction of $34,917.16. The transaction was disclosed in an SEC filing, available at this hyperlink. Insiders sold 10,134 shares of the company worth $82,210 during the last quarter.

A number of large investors have been buying and selling stocks recently. Royal Bank of Canada bought a new stock position in Blend Labs in the third quarter worth about $32,000. Morgan Stanley bought a new position in shares of Blend Labs in the third quarter for a value of approximately $80,000. Cubist Systematic Strategies LLC purchased a new stock position in Blend Labs in the third quarter for a value of approximately $261,000. Bank of America Corp DE bought a new position in shares of Blend Labs in the fourth quarter for a value of approximately $302,000. Finally, Virtu Financial LLC bought a new position in shares of Blend Labs in the fourth quarter worth approximately $491,000. 54.16% of the shares are currently held by institutional investors and hedge funds.

About Blend Labs (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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