Blend Labs (NYSE:BLND) Stock Price Target Lowered at Wells Fargo & Company

Blend Labs (NYSE:BLND) had its price target cut by Wells Fargo & Company from $3.00 to $2.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 111.86% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings cut shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Citizens Jmp cut their price target on shares of Blend Labs from $4.00 to $2.50 and set a “market outperform” rating for the company in a report on Friday. Citigroup restated a “market outperform” rating on shares of Blend Labs in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Blend Labs from a “buy” rating to a “hold” rating in a research note on Sunday, October 25th. Finally, The Goldman Sachs Group set a $3.00 target price on shares of Blend Labs in a report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $2.40.

Blend Labs Price Performance

Shares of BLND traded down $0.20 during midday trading on Friday, reaching $0.94. The stock had a trading volume of 774,786 shares, compared to its average volume of 3,023,518. The company has a market capitalization of $223.27 million, a P/E ratio of -10.58 and a beta of 1.05. The firm’s 50 day moving average price is $1.20 and its 200-day moving average price is $1.60. Blend Labs has a 52 week low of $0.85 and a 52 week high of $3.44.

Blend Labs (NYSE:BLND) last announced its earnings results on Thursday, November 5th. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $32.91 million during the quarter, compared to analyst estimates of $32.47 million. On average, equities analysts forecast that Blend Labs will post -0.04 earnings per share for the current year.

Insider Activity at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 22,322 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $1.16, for a total value of $25,893.52. Following the transaction, the insider owned 7,707,003 shares in the company, valued at $8,940,123.48. The trade was a 0.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 business’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $1.43, for a total value of $106,828.15. Following the completion of the sale, the insider directly owned 236,563 shares of the company’s stock, valued at approximately $338,285.09. The trade was a 24.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 239,072 shares of company stock valued at $281,085. 40.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Hedge funds have recently bought and sold shares of the business. Essential Partners LLC boosted its position in Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock worth $27,000 after purchasing an additional 15,673 shares during the period. Caerus Investment Advisors LLC bought a new position in shares of Blend Labs in the first quarter valued at approximately $41,000. Abel Hall LLC acquired a new stake in shares of Blend Labs in the first quarter worth $48,000. Hyperion Capital Advisors LP acquired a new stake in shares of Blend Labs in the second quarter worth $51,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Blend Labs during the 2nd quarter worth $62,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.