Blend Labs (NYSE:BLND) Announces Earnings Results, Misses Expectations By $0.04 EPS

Blend Labs (NYSE:BLND) released its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04), Zacks reports.

Blend Labs Stock Performance

BLND stock traded down $0.12 during midday trading on Thursday, hitting $3.52. 4,857,920 shares of the company’s stock were exchanged, compared to its average volume of 2,957,441. The stock’s fifty day moving average price is $3.89 and its 200-day moving average price is $4.02. The company has a market cap of $901.90 million, a PE ratio of -10.36 and a beta of 1.36. Blend Labs has a one year low of $2.08 and a one year high of $5.53.

Analyst Ratings Changes

BLND has been the subject of a number of recent analyst reports. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. JMP Securities started coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. The Goldman Sachs Group increased their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Keefe, Bruyette & Woods increased their price objective on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.11.

Insiders Place Their Bets

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $5.05, for a total value of $151,500.00. Following the sale, the insider now owns 907,439 shares of the company’s stock, valued at $4,582,566.95. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares in the company, valued at $1,821,215. This represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,737 shares of company stock worth $1,196,254. Corporate insiders own 13.21% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.