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Brian Sheth, a director at Blend Labs , Inc. (NYSE:BLND), recently acquired a significant amount of the company’s Class A common stock. According to the latest SEC filing, Sheth purchased 57,739 shares at an average price of $2.9899 per share, amounting to a total investment of approximately $172,633. The purchase comes as InvestingPro data shows the stock has declined over 26% year-to-date, though analysts project profitability this year with an EPS forecast of $0.05 for FY2025. This transaction reflects Sheth’s continued interest and involvement in Blend Labs, a company known for its technology services in computer programming and data processing. The shares were acquired indirectly through Haveli Brooks Aggregator, L.P., with Sheth acting as the managing member. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 3.47 and holds more cash than debt on its balance sheet. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial analysis in the Pro Research Report for BLND.
In other recent news, Blend Labs reported a 15% year-over-year increase in total revenue for the fourth quarter of 2024, reaching $41.4 million, slightly surpassing the forecasted $41.38 million. The company’s platform revenue rose by 16%, with its mortgage suite and consumer banking segments growing by 6% and 48%, respectively. Despite these positive financial results, UBS revised its price target for Blend Labs shares, lowering it to $3.50 while maintaining a Neutral rating, following the company’s recent earnings report and conference call. Canaccord Genuity also adjusted its price target for Blend Labs, reducing it to $5.25 but reaffirming a Buy rating, citing positive developments like new partnerships and product expansions.
Blend Labs achieved non-GAAP operating profitability of $5.2 million, and although free cash flow improved significantly, it remained negative at -$7.2 million. The company has been actively broadening its product suite, introducing new AI-driven financial solutions and achieving growing adoption of its commercial banking suite. Additionally, Blend Labs secured a new partnership with a top ten bank and terminated the Mr. Cooper put right on its Title business, removing a potential obstacle for investors. These developments indicate Blend Labs’ strategic focus on innovation and efficiency, as highlighted by Co-Founder Neema Gamsari.
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