Blend Labs (NYSE:BLND) Trading 3% Higher

Blend Labs, Inc. (NYSE:BLNDGet Free Report) traded up 3% during trading on Tuesday . The company traded as high as $2.44 and last traded at $2.44. 63,419 shares traded hands during trading, a decline of 96% from the average session volume of 1,716,594 shares. The stock had previously closed at $2.37.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a research report on Friday, May 10th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $3.00 target price on shares of Blend Labs in a research note on Wednesday, May 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.15.

Get Our Latest Research Report on BLND

Blend Labs Stock Performance

The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 34.81. The firm has a 50-day moving average price of $2.67 and a 200 day moving average price of $2.61. The firm has a market capitalization of $590.57 million, a PE ratio of -4.08 and a beta of 1.14.

Blend Labs (NYSE:BLNDGet Free Report) last released its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.03. The company had revenue of $34.95 million during the quarter, compared to the consensus estimate of $33.94 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. Research analysts expect that Blend Labs, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other Blend Labs news, insider Nima Ghamsari sold 81,700 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $2.99, for a total value of $244,283.00. Following the completion of the transaction, the insider now owns 34,774 shares of the company’s stock, valued at approximately $103,974.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 545,704 shares of company stock valued at $1,510,345 in the last ninety days. Company insiders own 11.83% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently added to or reduced their stakes in the business. Formation8 GP LLC acquired a new position in Blend Labs during the fourth quarter worth approximately $41,362,000. Acadian Asset Management LLC increased its holdings in shares of Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after acquiring an additional 692,220 shares during the period. Lake Street Advisors Group LLC purchased a new stake in Blend Labs in the 1st quarter valued at $1,538,000. Citigroup Inc. boosted its stake in Blend Labs by 327,281.9% during the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock worth $520,000 after purchasing an additional 379,647 shares during the period. Finally, G2 Investment Partners Management LLC purchased a new position in Blend Labs during the 4th quarter worth $956,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

(Get Free Report)

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.

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