Blend Labs (NYSE:BLND) Shares Up 3%

Blend Labs, Inc. (NYSE:BLND)’s stock price rose 3% during mid-day trading on Tuesday . The stock traded as high as $2.44 and last traded at $2.44. Approximately 63,419 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,716,594 shares. The stock had previously closed at $2.37.

Wall Street Analyst Weigh In

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

Blend Labs Stock Down 1.3 %

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

Blend Labs (NYSE:BLND) last posted 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 company had revenue of $34.95 million for the quarter, compared to analyst estimates of $33.94 million. Sell-side analysts anticipate that Blend Labs, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Nima Ghamsari sold 100,807 shares of the firm’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 SEC, which is accessible through this link. In the last quarter, insiders have sold 545,704 shares of company stock valued at $1,510,345. 11.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Large investors have recently bought and sold shares of the business. Citigroup Inc. raised its position in shares of Blend Labs by 327,281.9% during the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock valued at $520,000 after acquiring an additional 379,647 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in Blend Labs in the third quarter valued at about $52,000. EP Wealth Advisors LLC acquired a new position in Blend Labs in the third quarter valued at about $234,000. Caerus Investment Advisors LLC bought a new position in Blend Labs during the fourth quarter worth about $132,000. Finally, Thrive Capital Management LLC acquired a new position in shares of Blend Labs during the 3rd quarter worth about $46,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.