Blend Labs Inc. (NYSE: BLND) stock jumped 4.70% on Friday to $1.56 against a previous-day closing price of $1.49. With 1.89 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.75 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $1.6300 whereas the lowest price it dropped to was $1.4750. The 52-week range on BLND shows that it touched its highest point at $10.22 and its lowest point at $1.00 during that stretch. It currently has a 1-year price target of $2.43.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of BLND was down-trending over the past week, with a drop of -11.36%, but this was up by 26.83% over a month. Three-month performance dropped to -20.81% while six-month performance fell -50.63%. The stock lost -78.24% in the past year, while it has gained 8.33% so far this year. A look at the trailing 12-month EPS for BLND yields -3.07 with Next year EPS estimates of -0.43. For the next quarter, that number is -0.17. This implies an EPS growth rate of -122.10% for this year and 41.10% for next year.
Float and Shares Shorts:
At present, 235.27 million BLND shares are outstanding with a float of 210.77 million shares on hand for trading. On Oct 13, 2022, short shares totaled 16.34 million, which was 6.96% higher than short shares on Sep 14, 2022. In addition to Mr. Nima Ghamsari as the firm’s Co-Founder, Chairman, CEO & Head of Blend, Mr. Timothy J. Mayopoulos serves as its Pres & Director.
Through their ownership of 67.87% of BLND’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 27.43% of BLND, in contrast to 16.09% held by mutual funds. Shares owned by individuals account for 15.30%. As the largest shareholder in BLND with 8.24% of the stake, The Vanguard Group, Inc. holds 18,137,666 shares worth 18,137,666. A second-largest stockholder of BLND, Temasek Holdings Pte Ltd., holds 11,875,773 shares, controlling over 5.40% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in BLND, holding 10,566,055 shares or 4.80% stake. With a 2.92% stake in BLND, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 6,432,185 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 1.92% of BLND stock, is the second-largest Mutual Fund holder. It holds 4,217,326 shares valued at 6.07 million. WisdomTree Tr. – Cloud Computing holds 1.41% of the stake in BLND, owning 3,103,848 shares worth 4.47 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for BLND since 10 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 9 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With BLND analysts setting a high price target of $3.00 and a low target of $1.30, the average target price over the next 12 months is $2.35. Based on these targets, BLND could surge 92.31% to reach the target high and fall by -16.67% to reach the target low. Reaching the average price target will result in a growth of 50.64% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. BLND will report FY 2022 earnings on 02/28/2024. Analysts have provided yearly estimates in a range of -$0.56 being high and -$0.75 being low. For BLND, this leads to a yearly average estimate of -$0.67. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Blend Labs Inc. surprised analysts by -$0.03 when it reported -$0.19 EPS against a consensus estimate of -$0.16. The surprise factor in the prior quarter was $0.03. Based on analyst estimates, the high estimate for the next quarter is -$0.12 and the low estimate is -$0.18. The average estimate for the next quarter is thus -$0.17.
Summary of Insider Activity:
Insiders traded BLND stock several times over the past three months with 8 Buys and 17 Sells. In these transactions, 1,970,827 shares were bought while 2,214,953 shares were sold. The number of buy transactions has increased to 24 while that of sell transactions has risen to 36 over the past year. The total number of shares bought during that period was 2,829,446 while 2,560,955 shares were sold.