Blend Labs (NYSE:BLND) Price Target Cut to $3.00 by Analysts at Wells Fargo & Company

Blend Labs (NYSE:BLND) had its price target cut by analysts at Wells Fargo & Company from $4.00 to $3.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 76.99% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. Canaccord Genuity Group decreased their price target on shares of Blend Labs from $5.25 to $4.50 and set a “buy” rating for the company in a research note on Friday, May 15th. Zacks Research downgraded Blend Labs from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Citizens Jmp reissued a “market outperform” rating and issued a $4.00 target price on shares of Blend Labs in a research report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods lowered their price objective on Blend Labs from $2.25 to $1.90 and set a “market perform” rating for the company in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.15.

Blend Labs Stock Performance

Shares of Blend Labs stock traded down $0.26 during midday trading on Friday, reaching $1.70. 2,950,818 shares of the company’s stock traded hands, compared to its average volume of 3,473,998. The stock has a 50 day moving average of $1.75 and a 200-day moving average of $1.76. Blend Labs has a 12 month low of $1.18 and a 12 month high of $4.49. The company has a market cap of $410.39 million, a PE ratio of -16.95 and a beta of 1.09.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $33.84 million for the quarter, compared to analyst estimates of $33.08 million. On average, equities analysts anticipate that Blend Labs will post -0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Blend Labs

Several institutional investors and hedge funds have recently modified their holdings of BLND. Capricorn Fund Managers Ltd purchased a new position in shares of Blend Labs in the 1st quarter worth about $11,049,000. State Street Corp increased its stake in Blend Labs by 2.0% during the 4th quarter. State Street Corp now owns 5,660,693 shares of the company’s stock valued at $17,209,000 after purchasing an additional 112,330 shares in the last quarter. Whitebark Investors LP raised its holdings in Blend Labs by 14.7% in the third quarter. Whitebark Investors LP now owns 5,566,198 shares of the company’s stock worth $20,317,000 after buying an additional 712,315 shares during the last quarter. Irenic Capital Management LP purchased a new position in Blend Labs in the fourth quarter worth about $9,469,000. Finally, Marshall Wace LLP lifted its stake in shares of Blend Labs by 157.6% in the second quarter. Marshall Wace LLP now owns 2,522,141 shares of the company’s stock worth $8,323,000 after buying an additional 1,543,220 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

About Blend Labs

Blend Labs, Inc operates as a financial technology company that offers a digital consumer banking platform designed to simplify and automate the lending and account opening processes for banks and credit unions. Its cloud-native software enables financial institutions to deliver a more seamless customer experience by consolidating multiple steps—such as application intake, identity verification, document collection and underwriting—into a unified digital workflow. Blend’s platform is built to integrate with existing core banking systems and third-party data providers, allowing clients to accelerate loan origination and deposit account opening while maintaining compliance and security standards.

The company’s product suite includes solutions for mortgage origination, home equity lending, consumer personal lending and deposit account opening.