Blend Labs (NYSE:BLND) Trading Down 4.7%

Blend Labs, Inc. (NYSE:BLND)’s share price was down 4.7% during mid-day trading on Thursday . The company traded as low as $2.20 and last traded at $2.21. Approximately 1,548,317 shares were traded during trading, a decline of 11% from the average daily volume of 1,734,960 shares. The stock had previously closed at $2.32.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BLND. The Goldman Sachs Group boosted their target price on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research report on Friday, March 15th. Keefe, Bruyette & Woods increased their price target on Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a report on Friday, May 10th. Finally, Canaccord Genuity Group restated a “hold” rating and set a $3.00 price objective 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.15.

Blend Labs Price Performance

The company has a debt-to-equity ratio of 34.81, a quick ratio of 3.75 and a current ratio of 3.75. The business has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $2.64.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $34.95 million during the quarter, compared to analyst estimates 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, analysts forecast that Blend Labs, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, insider Nima Ghamsari sold 81,434 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total value of $238,601.62. Following the transaction, the insider now owns 2,103,516 shares in the company, valued at approximately $6,163,301.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 464,004 shares of company stock worth $1,266,062. 11.83% of the stock is owned by insiders.

Institutional Trading of Blend Labs

A number of large investors have recently added to or reduced their stakes in the stock. JPL Wealth Management LLC purchased a new position in Blend Labs in the fourth quarter valued at approximately $26,000. AMG National Trust Bank purchased a new position in shares of Blend Labs in the fourth quarter valued at $37,000. Thrive Capital Management LLC purchased a new stake in Blend Labs during the 3rd quarter worth about $46,000. Moneta Group Investment Advisors LLC purchased a new position in Blend Labs during the 3rd quarter valued at about $52,000. Finally, Berylson Capital Partners LLC bought a new stake in shares of Blend Labs during the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

About Blend Labs

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.