Blend Labs' (BLND) Hold Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group restated their hold rating on shares of Blend Labs (NYSE:BLND - Free Report) in a research note released on Wednesday, Benzinga reports. They currently have a $3.00 target price on the stock.

BLND has been the subject of several other reports. Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $1.85 to $2.65 and gave the stock a market perform rating in a report on Monday, March 18th. The Goldman Sachs Group boosted their target price on Blend Labs from $1.60 to $3.10 and gave the company a buy rating in a research note on Friday, March 15th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $3.06.

Blend Labs Price Performance

Shares of BLND traded up $0.42 during mid-day trading on Wednesday, hitting $2.78. The company's stock had a trading volume of 2,275,894 shares, compared to its average volume of 1,746,030. 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 firm has a 50-day moving average price of $2.74 and a 200 day moving average price of $2.29. Blend Labs has a fifty-two week low of $0.80 and a fifty-two week high of $3.40. 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 issued 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). 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 for the quarter, compared to analysts' expectations of $37.52 million. On average, research analysts predict that Blend Labs will post -0.47 EPS for the current fiscal year.

Insider Transactions at Blend Labs

In related news, insider Nima Ghamsari sold 100,807 shares of the firm's stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $2.45, for a total value of $246,977.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Citigroup Inc. grew its holdings 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 worth $520,000 after purchasing an additional 379,647 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in Blend Labs during the 3rd quarter worth approximately $234,000. Thrive Capital Management LLC bought a new position in Blend Labs in the 3rd quarter valued at $46,000. Kingsview Wealth Management LLC grew its holdings in shares of Blend Labs by 36.1% during the third quarter. Kingsview Wealth Management LLC now owns 95,245 shares of the company's stock worth $130,000 after purchasing an additional 25,245 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC bought a new stake in Blend Labs during the 3rd quarter worth about $52,000. 52.56% of the stock is owned by institutional investors.

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.