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

Blend Labs, Inc. (NYSE:BLND)’s share price 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 trading hands.

Analyst Upgrades and Downgrades

BLND has been the topic of a number of research reports. The Goldman Sachs Group raised their target price 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. Keefe, Bruyette & Woods raised their target price 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. Finally, Canaccord Genuity Group restated a “hold” rating and set a $3.00 target price on shares of Blend Labs in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.15.

Blend Labs Stock Performance

The stock has a 50-day simple moving average of $2.64 and a 200-day simple moving average of $2.62. The company has a market capitalization of $577.95 million, a price-to-earnings ratio of -3.95 and a beta of 1.14. 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 issued its earnings results 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 firm 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%. On average, analysts anticipate that Blend Labs, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Nima Ghamsari sold 81,434 shares of Blend Labs stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 464,004 shares of company stock valued at $1,266,062 over the last three months. Company insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of BLND. JPL Wealth Management LLC purchased a new position in Blend Labs in the 4th quarter worth about $26,000. AMG National Trust Bank purchased a new position in Blend Labs in the 4th quarter worth about $37,000. Thrive Capital Management LLC purchased a new position in Blend Labs in the 3rd quarter worth about $46,000. Moneta Group Investment Advisors LLC acquired a new stake in Blend Labs during the 3rd quarter worth about $52,000. Finally, Berylson Capital Partners LLC acquired a new stake in Blend Labs during the 4th quarter worth about $52,000. Hedge funds and other institutional investors 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.