Blend Labs (NYSE:BLND) Trading Up 15.7%

Blend Labs, Inc. (NYSE:BLND)’s share price traded up 15.7% on Thursday . The stock traded as high as $2.79 and last traded at $2.73. 350,183 shares traded 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.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. The Goldman Sachs Group raised their target price on Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research note on Friday, March 15th. Keefe, Bruyette & Woods boosted 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. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $3.00 price objective on shares of Blend Labs in a research report on Wednesday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.06.

Blend Labs Stock Performance

The company has a market capitalization of $685.58 million, a PE ratio of -3.51 and a beta of 1.10. The stock’s fifty day simple moving average is $2.74 and its 200-day simple moving average is $2.29. 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 issued its quarterly earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $36.10 million during the quarter, compared to analyst estimates of $37.52 million. Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. As a group, equities analysts predict that Blend Labs, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other Blend Labs news, insider Nima Ghamsari sold 100,807 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $2.45, for a total transaction of $246,977.15. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of BLND. Susquehanna Fundamental Investments LLC purchased a new position in Blend Labs in the 1st quarter worth about $94,000. ClariVest Asset Management LLC boosted its stake in shares of Blend Labs by 19.6% during the 1st quarter. ClariVest Asset Management LLC now owns 245,071 shares of the company’s stock valued at $796,000 after buying an additional 40,158 shares during the period. SG Americas Securities LLC purchased a new position in shares of Blend Labs during the 1st quarter valued at $70,000. Team Hewins LLC acquired a new position in shares of Blend Labs in the first quarter worth $87,000. Finally, Fifth Lane Capital LP purchased a new stake in shares of Blend Labs during the first quarter worth $104,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.