Blend Labs (NYSE:BLND) Shares Down 7.6%

Blend Labs, Inc. (NYSE:BLND)’s share price dropped 7.6% during mid-day trading on Wednesday . The company traded as low as $3.01 and last traded at $3.02. Approximately 573,437 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,986,949 shares. The stock had previously closed at $3.27.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BLND. Canaccord Genuity Group reissued a “hold” rating and issued a $3.00 price target on shares of Blend Labs in a report on Wednesday, May 8th. Keefe, Bruyette & Woods lifted their price objective on Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a research report on Friday, May 10th. Three 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.com, Blend Labs presently has an average rating of “Hold” and an average target price of $3.15.

Blend Labs Trading Down 2.1 %

The business’s fifty day simple moving average is $2.70 and its 200 day simple moving average is $2.70. The stock has a market cap of $771.01 million, a price-to-earnings ratio of -5.27 and a beta of 1.10.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. The business had revenue of $34.95 million during the quarter, compared to analysts’ expectations of $33.94 million. As a group, research analysts anticipate that Blend Labs, Inc. will post -0.39 earnings per share for the current year.

Insider Transactions at Blend Labs

In related news, insider Nima Ghamsari sold 81,434 shares of Blend Labs stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $2.93, for a total transaction of $238,601.62. Following the transaction, the insider now owns 2,103,516 shares of the company’s stock, valued at approximately $6,163,301.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.83% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently bought and sold shares of the company. Caerus Investment Advisors LLC bought a new stake in shares of Blend Labs in the fourth quarter worth about $132,000. Thrive Capital Management LLC bought a new stake in shares of Blend Labs in the third quarter valued at about $46,000. Truist Financial Corp bought a new position in shares of Blend Labs during the fourth quarter worth about $255,000. Victory Capital Management Inc. raised its position in Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after buying an additional 4,633 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Blend Labs during the 4th quarter worth approximately $132,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.