Blend Labs, Inc. (NYSE: BLND – Get a rating) insider crystal sumner sold 12,920 shares of the company in a transaction that took place on Tuesday, October 18. The shares were sold at an average price of $2.11, for a total transaction of $27,261.20. Following the sale, the insider now owns 599,772 shares of the company, valued at $1,265,518.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at the SEC website.
Crystal Sumner also recently made the following trade(s):
- On Tuesday, October 4, Crystal Sumner sold 12,920 shares of Blend Labs. The stock was sold at an average price of $2.38, for a total transaction of $30,749.60.
- On Tuesday, September 27, Crystal Sumner sold 12,920 shares of Blend Labs. The stock was sold at an average price of $2.26, for a total transaction of $29,199.20.
- On Wednesday August 24, Crystal Sumner sold 47,631 shares of Blend Labs. The stock was sold at an average price of $2.93, for a total transaction of $139,558.83.
- On Monday, August 22, Crystal Sumner sold 20,266 shares of Blend Labs. The stock was sold at an average price of $2.91, for a total transaction of $58,974.06.
Blend Labs Price Performance
Blend Labs stock traded down $0.06 at midday Wednesday, hitting $1.97. 1,039,733 shares of the company have been traded, compared to its average volume of 2,243,437. The company has a market capitalization of $437.84 million, a price-earnings ratio of -0.66 and a beta of 0.68. The stock has a 50-day moving average of $2.74 and a two-hundred-day moving average of $3.19. The company has a quick ratio of 10.49, a current ratio of 10.49 and a leverage ratio of 0.77. Blend Labs, Inc. has a 12-month low of $1.92 and a 12-month high of $16.26.
Blend Labs (NYSE:BLND- Get a rating) last released its quarterly results on Monday, August 15. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.23) by ($0.09). The company posted revenue of $65.54 million for the quarter, compared to $59.96 million expected by analysts. Blend Labs had a negative net margin of 228.19% and a negative return on equity of 42.53%. Blend Labs’ revenue for the quarter increased 104.4% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of ($0.48). Stock analysts expect Blend Labs, Inc. to post -1.04 earnings per share for the current year.
Institutional investors weigh in on Blend Labs
Several hedge funds and other institutional investors have recently changed their positions in the company. Verition Fund Management LLC increased its stake in shares of Blend Labs by 90.5% in the second quarter. Verition Fund Management LLC now owns 34,666 shares of the company valued at $82,000 after acquiring an additional 16,466 shares during the period. Legal & General Group Plc bought a new equity stake in Blend Labs in the second quarter worth $37,000. Walleye Capital LLC bought a new stake in shares of Blend Labs in the second quarter worth $28,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Blend Labs in the second quarter worth $42,000. Finally, Occudo Quantitative Strategies LP purchased a new equity stake in Blend Labs in the second quarter at a value of $175,000. Hedge funds and other institutional investors own 59.45% of the company’s shares.
Analysts set new price targets
A number of stock analysts have weighed in on the stock. Piper Sandler raised her price target on Blend Labs shares from $2.50 to $3.20 and gave the stock a “neutral” rating in a Tuesday, August 16 research report. Keefe, Bruyette & Woods reissued a “downgrade” note on Blend Labs shares in a Monday, July 25 report. Canaccord Genuity Group lowered its target price on Blend Labs shares from $5.00 to $4.00 in a Friday, August 19 report. Canaccord Genuity Group lowered its target price on Blend Labs shares from $5.00 to $4.00 and set a “hold” rating on the stock in a Friday, August 19 report. Finally, Goldman Sachs Group lowered its price target on Blend Labs shares from $5.25 to $3.25 and set a “buy” rating on the stock in a report released Tuesday. Seven analysts rated the stock with a hold rating and two gave the stock a buy rating. According to data from MarketBeat.com, Blend Labs currently has a consensus rating of “Hold” and a consensus target price of $4.21.
About Blend Labs
Blend Labs, Inc provides cloud-based software platform solutions for financial services companies in the United States. It operates in two segments, Blend Platform and Title365. 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.
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