Blend Labs (NYSE:BLND) Trading 8.5% Higher

Blend Labs, Inc. (NYSE:BLND) shares traded up 8.5% during mid-day trading on Wednesday . The stock traded as high as $2.71 and last traded at $2.69. 726,725 shares were traded during mid-day trading, a decline of 58% from the average session volume of 1,725,298 shares. The stock had previously closed at $2.48.

Analyst Ratings Changes

BLND has been the subject of several research reports. The Goldman Sachs Group lifted their target price on Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Canaccord Genuity Group reissued a “hold” rating and issued a $3.00 target price on shares of Blend Labs in a research note on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods lifted their target price on Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Three 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 company currently has a consensus rating of “Hold” and a consensus price target of $3.15.

Blend Labs Trading Up 6.5 %

The company has a fifty day simple moving average of $2.71 and a two-hundred day simple moving average of $2.57. 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 stock has a market capitalization of $666.28 million, a P/E ratio of -4.57 and a beta of 1.14.

Blend Labs (NYSE:BLND) last issued 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 company had revenue of $34.95 million for 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, sell-side analysts expect that Blend Labs, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Nima Ghamsari sold 81,434 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the sale, the insider now owns 2,103,516 shares in the company, valued at $6,163,301.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 545,704 shares of company stock worth $1,510,345. Corporate insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of the business. JPL Wealth Management LLC acquired a new position in shares of Blend Labs in the fourth quarter valued at approximately $26,000. AMG National Trust Bank acquired a new position in shares of Blend Labs in the fourth quarter valued at approximately $37,000. Caxton Associates LP acquired a new position in shares of Blend Labs in the first quarter valued at approximately $60,000. Cannon Global Investment Management LLC acquired a new position in shares of Blend Labs in the first quarter valued at approximately $65,000. Finally, Berylson Capital Partners LLC acquired a new position in shares of Blend Labs in the fourth quarter valued at 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.