Blend Labs (NYSE:BLND) Shares Gap Up to $2.25

Blend Labs, Inc. (NYSE:BLND - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $2.25, but opened at $2.56. Blend Labs shares last traded at $2.82, with a volume of 2,484,963 shares.

Analyst Ratings Changes

A number of brokerages have weighed in on BLND. Keefe, Bruyette & Woods lifted their target price on Blend Labs from $1.85 to $2.65 and gave the company a "market perform" rating in a research report on Monday, March 18th. Canaccord Genuity Group lifted their price objective on Blend Labs from $2.00 to $3.00 and gave the company a "hold" rating in a report on Monday, March 18th. Finally, The Goldman Sachs Group upped their price objective on shares of Blend Labs from $1.60 to $3.10 and gave the stock a "buy" rating in a research note on Friday, March 15th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $3.06.

Blend Labs Stock Up 8.7 %

The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 34.81. The company has a market cap of $616.26 million, a P/E ratio of -3.18 and a beta of 1.00. The business's 50 day moving average is $2.74 and its 200 day moving average is $2.25.

Blend Labs (NYSE:BLND - Get Free Report) last issued its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.10). Blend Labs had a negative return on equity of 595.99% and a negative net margin of 118.15%. The firm had revenue of $36.10 million during the quarter, compared to analysts' expectations of $37.52 million. As a group, equities analysts anticipate that Blend Labs, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 100,807 shares of the firm's stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $2.45, for a total value of $246,977.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.83% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLND. Formation8 GP LLC acquired a new position in Blend Labs during the 4th quarter valued at approximately $41,362,000. Citigroup Inc. increased its position in shares of Blend Labs by 327,281.9% in the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company's stock valued at $520,000 after acquiring an additional 379,647 shares during the period. G2 Investment Partners Management LLC acquired a new position in shares of Blend Labs in the 4th quarter valued at $956,000. EP Wealth Advisors LLC raised its stake in Blend Labs by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company's stock worth $464,000 after acquiring an additional 11,448 shares during the last quarter. Finally, Truist Financial Corp acquired a new stake in Blend Labs during the 4th quarter worth about $255,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.