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

Blend Labs, Inc. (NYSE:BLND)’s share price gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BLND. Canaccord Genuity Group lifted their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the company a “hold” rating in a research note on Monday, March 18th. 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. 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 report on Friday, March 15th. Three investment 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, Blend Labs currently has a consensus rating of “Hold” and an average target price of $3.06.

Blend Labs Stock Performance

The company has a market cap of $647.77 million, a PE ratio of -3.55 and a beta of 1.00. The business’s 50-day moving average is $2.75 and its 200 day moving average is $2.24. The company has a debt-to-equity ratio of 34.81, a quick ratio of 5.38 and a current ratio of 5.38.

Blend Labs (NYSE:BLND) last posted its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $36.10 million during the quarter, compared to analyst estimates of $37.52 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 118.15%. On average, equities research analysts predict that Blend Labs, Inc. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake 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 buying an additional 4,633 shares during the period. JPL Wealth Management LLC acquired a new position in shares of Blend Labs in the 4th quarter valued at $26,000. EP Wealth Advisors LLC boosted its stake in shares of Blend Labs by 6.7% during 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 in the last quarter. AMG National Trust Bank purchased a new stake in shares of Blend Labs in the fourth quarter valued at approximately $37,000. Finally, Cannon Global Investment Management LLC acquired a new position in Blend Labs during the first quarter worth $65,000. 52.56% of the stock is owned by institutional investors.

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.