Blend Labs (NYSE:BLND) Shares Gap Up to $2.38

Blend Labs, Inc. (NYSE:BLND - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $2.38, but opened at $2.45. Blend Labs shares last traded at $2.41, with a volume of 849,475 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wells Fargo & Company raised shares of Blend Labs from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $1.50 to $3.50 in a report on Wednesday, December 20th. Canaccord Genuity Group upped their target price on shares of Blend Labs from $2.00 to $3.00 and gave the stock a "hold" rating in a report on Monday, March 18th. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $1.85 to $2.65 and gave the stock a "market perform" rating in a report on Monday, March 18th. Finally, The Goldman Sachs Group increased their price objective on shares of Blend Labs from $1.60 to $3.10 and gave the company a "buy" rating in a report on Friday, March 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.06.

Blend Labs Stock Performance

The company has a market capitalization of $607.44 million, a P/E ratio of -3.13 and a beta of 1.00. The business has a 50 day moving average of $2.82 and a 200 day moving average of $2.17. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 34.81.

Blend Labs (NYSE:BLND - Get Free Report) last announced its quarterly earnings results on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $36.10 million for the quarter, compared to analysts' expectations of $37.52 million. Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. On average, sell-side analysts predict that Blend Labs, Inc. will post -0.47 earnings per share for the current year.

Insider Activity

In other news, insider Nima Ghamsari sold 97,657 shares of the firm's stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $2.52, for a total value of $246,095.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.83% of the company's stock.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently made changes to their positions in BLND. Victory Capital Management Inc. raised its position in Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company's stock worth $61,000 after purchasing an additional 4,633 shares during the period. Royal Bank of Canada grew its stake in Blend Labs by 418.5% in the first quarter. Royal Bank of Canada now owns 6,009 shares of the company's stock worth $34,000 after purchasing an additional 4,850 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Blend Labs by 9.7% during the 4th quarter. JPMorgan Chase & Co. now owns 110,861 shares of the company's stock worth $159,000 after purchasing an additional 9,764 shares during the period. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter worth $26,000. Finally, First Republic Investment Management Inc. lifted its holdings in shares of Blend Labs by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 267,130 shares of the company's stock worth $1,523,000 after buying an additional 10,731 shares during the period. Hedge funds and other institutional investors 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.