Blend Labs (NYSE:BLND) Issues Earnings Results

Blend Labs (NYSE:BLNDGet Rating) issued its earnings results on Monday. The company reported ($0.19) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.19), Briefing.com reports. Blend Labs had a negative net margin of 228.19% and a negative return on equity of 35.72%. The company had revenue of $65.54 million for the quarter, compared to analysts’ expectations of $59.96 million. During the same period in the prior year, the company earned ($0.48) earnings per share. The firm’s revenue was up 104.4% compared to the same quarter last year. Blend Labs updated its FY 2022 guidance to EPS.

Blend Labs Trading Up 28.6 %

NYSE:BLND opened at $3.55 on Wednesday. The stock has a market cap of $780.93 million and a price-to-earnings ratio of -1.15. The company has a debt-to-equity ratio of 0.30, a quick ratio of 10.38 and a current ratio of 10.38. Blend Labs has a 1 year low of $2.17 and a 1 year high of $20.35. The business has a fifty day moving average of $2.84 and a 200-day moving average of $4.88.

Insider Activity at Blend Labs

In other Blend Labs news, insider Crystal Sumner sold 20,289 shares of the business’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $3.31, for a total transaction of $67,156.59. Following the sale, the insider now directly owns 654,749 shares in the company, valued at approximately $2,167,219.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Blend Labs news, insider Crystal Sumner sold 20,289 shares of the stock in a transaction on Friday, May 20th. The stock was sold at an average price of $3.31, for a total transaction of $67,156.59. Following the completion of the transaction, the insider now directly owns 654,749 shares of the company’s stock, valued at approximately $2,167,219.19. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Timothy J. Mayopoulos sold 32,298 shares of the business’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $3.31, for a total value of $106,906.38. Following the completion of the sale, the president now directly owns 661,071 shares in the company, valued at approximately $2,188,145.01. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its holdings in shares of Blend Labs by 418.5% in the first quarter. Royal Bank of Canada now owns 6,009 shares of the company’s stock valued at $34,000 after buying an additional 4,850 shares in the last quarter. First Republic Investment Management Inc. raised its position in shares of Blend Labs by 4.2% during the first quarter. First Republic Investment Management Inc. now owns 267,130 shares of the company’s stock worth $1,523,000 after purchasing an additional 10,731 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Blend Labs during the first quarter valued at $63,000. Jasper Ridge Partners L.P. acquired a new position in shares of Blend Labs in the 1st quarter valued at $75,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Blend Labs in the 2nd quarter worth about $42,000. 52.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BLND. Compass Point assumed coverage on shares of Blend Labs in a research report on Wednesday, May 25th. They set a “neutral” rating and a $4.20 price objective for the company. The Goldman Sachs Group dropped their price target on Blend Labs from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, April 19th. Keefe, Bruyette & Woods reissued a “downgrade” rating on shares of Blend Labs in a report on Monday, July 25th. Finally, Piper Sandler upped their price objective on Blend Labs from $2.50 to $3.20 and gave the stock a “neutral” rating in a research note on Tuesday. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $4.85.

Blend Labs Company Profile

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Blend Labs, Inc provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts.

See Also

Earnings History for Blend Labs (NYSE:BLND)

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