Blend Labs (NYSE:BLND) Issues Earnings Results, Misses Expectations By $0.02 EPS

Blend Labs (NYSE:BLND - Get Free Report) posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02), Zacks reports. The firm had revenue of $26.77 million for the quarter, compared to analyst estimates of $37.85 million.

Blend Labs Trading Up 0.1%

Shares of Blend Labs stock traded up $0.01 during trading on Thursday, reaching $3.62. The company's stock had a trading volume of 765,975 shares, compared to its average volume of 2,966,915. The company has a 50-day moving average price of $3.36 and a two-hundred day moving average price of $3.88. The firm has a market cap of $938.68 million, a PE ratio of -10.63 and a beta of 1.29. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

Hedge Funds Weigh In On Blend Labs

A hedge fund recently bought a new stake in Blend Labs stock. Revolve Wealth Partners LLC acquired a new stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 31,361 shares of the company's stock, valued at approximately $132,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BLND has been the subject of several recent research reports. The Goldman Sachs Group lowered their price objective on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research note on Monday. UBS Group reduced their target price on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Friday, February 28th. Wells Fargo & Company reduced their target price on shares of Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.25 target price on shares of Blend Labs in a report on Monday. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Blend Labs presently has a consensus rating of "Moderate Buy" and an average target price of $4.83.

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.