Blend Labs (NYSE:BLND) Shares Gap Up to $2.34

Blend Labs, Inc. (NYSE:BLND) gapped up prior to trading on Friday . The stock had previously closed at $2.34, but opened at $2.43. Blend Labs shares last traded at $2.32, with a volume of 64,001 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on BLND shares. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $3.00 price target on shares of Blend Labs in a research report on Wednesday, May 8th. The Goldman Sachs Group lifted their price target on Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, 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 report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $3.15.

Blend Labs Price Performance

The company has a market cap of $577.95 million, a price-to-earnings ratio of -3.95 and a beta of 1.14. The company has a fifty day moving average price of $2.64 and a two-hundred day moving average price of $2.62. 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 announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.03. The business 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%. As a group, equities research analysts anticipate that Blend Labs, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Blend Labs

In related news, insider Nima Ghamsari sold 281,763 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $2.77, for a total value of $780,483.51. Following the sale, the insider now owns 427,237 shares of the company’s stock, valued at approximately $1,183,446.49. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 464,004 shares of company stock valued at $1,266,062 in the last 90 days. 11.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the business. JPL Wealth Management LLC acquired a new position in Blend Labs in the fourth quarter worth $26,000. AMG National Trust Bank acquired a new position in Blend Labs in the fourth quarter worth $37,000. Thrive Capital Management LLC acquired a new position in Blend Labs in the third quarter worth $46,000. Moneta Group Investment Advisors LLC acquired a new position in Blend Labs in the third quarter worth $52,000. Finally, Berylson Capital Partners LLC acquired a new position in Blend Labs in the fourth quarter worth $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.