Blend Labs (NYSE:BLND) Stock Price Up 6.3%

Blend Labs, Inc. (NYSE:BLNDGet Free Report) shares traded up 6.3% during mid-day trading on Friday . The stock traded as high as $3.06 and last traded at $3.04. 821,114 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 1,713,403 shares. The stock had previously closed at $2.86.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Research Report on Blend Labs

Blend Labs Stock Performance

The company has a market cap of $774.81 million, a price-to-earnings ratio of -5.21 and a beta of 1.10. The company has a debt-to-equity ratio of 34.81, a current ratio of 3.75 and a quick ratio of 3.75. The firm has a fifty day simple moving average of $2.79 and a 200 day simple moving average of $2.42.

Blend Labs (NYSE:BLNDGet Free Report) last issued its earnings results on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. The business had revenue of $36.10 million for the quarter, compared to analyst estimates of $37.52 million. On average, sell-side analysts expect that Blend Labs, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other Blend Labs news, insider Nima Ghamsari sold 100,807 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $2.45, for a total value of $246,977.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 464,270 shares of company stock valued at $1,271,744. 11.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC lifted its position in Blend Labs by 36.1% during the third quarter. Kingsview Wealth Management LLC now owns 95,245 shares of the company’s stock worth $130,000 after purchasing an additional 25,245 shares during the period. Citigroup Inc. boosted its holdings in shares of Blend Labs by 327,281.9% in the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock valued at $520,000 after purchasing an additional 379,647 shares in the last quarter. Moneta Group Investment Advisors LLC bought a new position in shares of Blend Labs in the 3rd quarter valued at $52,000. EP Wealth Advisors LLC acquired a new position in shares of Blend Labs during the 3rd quarter worth $234,000. Finally, Caerus Investment Advisors LLC bought a new stake in shares of Blend Labs during the 4th quarter worth $132,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

About Blend Labs

(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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