Blend Labs (NYSE:BLND) Shares Up 8.5%

Blend Labs, Inc. (NYSE:BLND) traded up 8.5% during mid-day trading on Wednesday . The company traded as high as $2.34 and last traded at $2.30. 1,521,253 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 1,729,828 shares. The stock had previously closed at $2.12.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a report on Friday, May 10th. The Goldman Sachs Group raised their target price on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Canaccord Genuity Group reissued a “hold” rating and issued a $3.00 target price on shares of Blend Labs in a report on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.15.

Blend Labs Stock Performance

The stock has a fifty day moving average price of $2.63 and a two-hundred day moving average price of $2.64. The company has a market cap of $585.52 million, a P/E ratio of -3.91 and a beta of 1.14. The company has a debt-to-equity ratio of 34.81, a current ratio of 3.75 and a quick ratio of 3.75.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The company had revenue of $34.95 million for the quarter, compared to analysts’ expectations of $33.94 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. On average, equities analysts forecast that Blend Labs, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Nima Ghamsari sold 281,763 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $2.77, for a total transaction of $780,483.51. Following the transaction, the insider now owns 427,237 shares in the company, valued at $1,183,446.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 464,004 shares of company stock valued at $1,266,062. Insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BLND. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the fourth quarter valued at approximately $26,000. AMG National Trust Bank acquired a new position in shares of Blend Labs during the fourth quarter valued at approximately $37,000. Thrive Capital Management LLC acquired a new position in shares of Blend Labs during the third quarter valued at approximately $46,000. Moneta Group Investment Advisors LLC acquired a new position in Blend Labs in the third quarter worth approximately $52,000. Finally, Berylson Capital Partners LLC acquired a new position in Blend Labs in the fourth quarter worth approximately $52,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.