Blend Labs (NYSE:BLND) Shares Up 6.3%

Blend Labs, Inc. (NYSE:BLND - Get Free Report) shares traded up 6.3% during trading on Friday . The company traded as high as $3.06 and last traded at $3.04. 821,114 shares were traded during mid-day trading, a decline of 52% from the average session volume of 1,713,403 shares. The stock had previously closed at $2.86.

Wall Street Analyst Weigh In

Several research firms have weighed in on BLND. Canaccord Genuity Group reiterated a "hold" rating and set a $3.00 target price on shares of Blend Labs in a report on Wednesday, May 8th. Keefe, Bruyette & Woods boosted their price objective on Blend Labs from $2.65 to $3.00 and gave the company a "market perform" rating in a research report on Friday, May 10th. Finally, 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 report on Friday, March 15th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Blend Labs presently has a consensus rating of "Hold" and an average target price of $3.15.

Blend Labs Price Performance

The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 34.81. The company has a 50 day simple moving average of $2.79 and a 200 day simple moving average of $2.42. The stock has a market cap of $774.81 million, a P/E ratio of -5.29 and a beta of 1.10.

Blend Labs (NYSE:BLND - Get Free Report) last announced its earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate 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 net margin of 90.62% and a negative return on equity of 595.99%. Sell-side analysts forecast that Blend Labs, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Blend Labs

In other news, insider Nima Ghamsari sold 281,763 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $2.77, for a total value of $780,483.51. Following the completion of the sale, the insider now owns 427,237 shares of the company's stock, valued at approximately $1,183,446.49. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 464,270 shares of company stock valued at $1,271,744. 11.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of the business. Center Lake Capital Management LLC bought a new position in shares of Blend Labs in the first quarter valued at about $894,000. Jacobs Levy Equity Management Inc. raised its holdings in Blend Labs by 977.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 409,217 shares of the company's stock valued at $1,330,000 after acquiring an additional 371,233 shares during the period. Bayesian Capital Management LP acquired a new stake in Blend Labs during the first quarter worth approximately $102,000. Caxton Associates LP bought a new stake in shares of Blend Labs during the first quarter worth approximately $60,000. Finally, EP Wealth Advisors LLC grew its position in shares of Blend Labs by 8.1% in the first quarter. EP Wealth Advisors LLC now owns 196,757 shares of the company's stock valued at $639,000 after purchasing an additional 14,754 shares during the last quarter. Institutional investors and hedge funds 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.