Blend Labs (NYSE:BLND) Stock Price Up 15.7%

Blend Labs, Inc. (NYSE:BLND - Get Free Report) shot up 15.7% during mid-day trading on Thursday . The stock traded as high as $2.79 and last traded at $2.73. 350,183 shares changed hands during trading, a decline of 80% from the average session volume of 1,723,456 shares. The stock had previously closed at $2.36.

Wall Street Analysts Forecast Growth

BLND has been the topic of a number of research reports. Canaccord Genuity Group reissued a "hold" rating and issued a $3.00 target price on shares of Blend Labs in a research note on Wednesday. The Goldman Sachs Group boosted their price objective on Blend Labs from $1.60 to $3.10 and gave the stock a "buy" rating in a research note on Friday, March 15th. Finally, Keefe, Bruyette & Woods raised their target price on Blend Labs from $1.85 to $2.65 and gave the stock a "market perform" rating in a research note on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $3.06.

Blend Labs Stock Up 17.6 %

The business has a fifty day moving average of $2.74 and a 200 day moving average of $2.29. The company has a debt-to-equity ratio of 34.81, a current ratio of 5.38 and a quick ratio of 5.38. The stock has a market capitalization of $699.44 million, a price-to-earnings ratio of -3.51 and a beta of 1.10.

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

Insider Activity

In related news, insider Nima Ghamsari sold 100,807 shares of the business's stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $2.45, for a total value of $246,977.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.83% of the company's stock.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds have recently added to or reduced their stakes in BLND. Victory Capital Management Inc. increased its position in shares of Blend Labs by 24.2% during the fourth quarter. Victory Capital Management Inc. now owns 23,812 shares of the company's stock worth $61,000 after acquiring an additional 4,633 shares during the period. JPL Wealth Management LLC acquired a new stake in Blend Labs in the 4th quarter valued at about $26,000. EP Wealth Advisors LLC boosted its stake in shares of Blend Labs by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company's stock valued at $464,000 after buying an additional 11,448 shares during the period. AMG National Trust Bank acquired a new position in shares of Blend Labs during the fourth quarter worth about $37,000. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Blend Labs during the first quarter worth approximately $65,000. 52.56% of the stock is currently 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.