Joseph Vafi, an analyst from Canaccord Genuity, maintained the Hold rating on Blend Labs (BLND – Research Report). The associated price target is $2.00.
Joseph Vafi has given his Hold rating due to a combination of factors. Blend Labs continues to show significant progress in the challenging mortgage market, consistently gaining market share and demonstrating the potential of its business model to leverage any increase in mortgage volumes. Its Blend Builder Platform, a comprehensive banking enablement solution suite, continues to be adopted and has not only introduced cost savings but also accelerated innovation in some areas. Additionally, the company remains on track to achieve positive adjusted operating income by the end of next year.
Blend Labs also provides a solution for larger banks feeling the pressure from fintech natives to improve their customer experience. Blend Builder and Platform strike the balance these banks are seeking – leading-edge third-party software along with a highly customizable software framework. Furthermore, it generates both subscription- and transaction-based revenues, providing a more stable revenue base. Despite the significant upside suggested by the price target, Vafi maintains a Hold rating due to ongoing market volatility.
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Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BLND in relation to earlier this year.
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Blend Labs (BLND) Company Description:
Blend Labs Inc is a cloud based platform. It supports and simplifies applications for mortgages, consumer loans, and deposit accounts.
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