Blend Labs (NYSE:BLND) Shares Up 3%

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

Wall Street Analysts Forecast Growth

BLND has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a research report on Friday, May 10th. Canaccord Genuity Group reiterated a “hold” rating and issued a $3.00 price objective on shares of Blend Labs in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research report on Friday, March 15th. Three equities 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, the stock currently has an average rating of “Hold” and an average target price of $3.15.

Blend Labs Stock Performance

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’s fifty day simple moving average is $2.66 and its 200-day simple moving average is $2.61.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) earnings per share for the quarter, topping 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 net margin of 90.62% and a negative return on equity of 595.99%. Analysts forecast that Blend Labs, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at Blend Labs

In related news, insider Nima Ghamsari sold 100,807 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $2.45, for a total transaction of $246,977.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 545,704 shares of company stock worth $1,510,345 in the last three months. Company insiders own 11.83% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Citigroup Inc. grew its position in shares of Blend Labs by 327,281.9% during the third quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock worth $520,000 after buying an additional 379,647 shares in the last quarter. G2 Investment Partners Management LLC bought a new position in Blend Labs during the fourth quarter worth $956,000. Truist Financial Corp bought a new position in Blend Labs during the fourth quarter worth $255,000. Jump Financial LLC bought a new position in Blend Labs during the fourth quarter worth $132,000. Finally, EP Wealth Advisors LLC bought a new position in Blend Labs during the third quarter worth $234,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.