Blend Labs (NYSE:BLND) Shares Down 4.7%

Blend Labs, Inc. (NYSE:BLND) shares traded down 4.7% on Thursday . The company traded as low as $2.20 and last traded at $2.21. 1,548,317 shares were traded during mid-day trading, a decline of 11% from the average session volume of 1,734,960 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BLND shares. The Goldman Sachs Group raised their target price on Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research report on Friday, March 15th. Canaccord Genuity Group restated a “hold” rating and issued a $3.00 price objective on shares of Blend Labs in a research report on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.15.

Blend Labs Price Performance

The company has a 50-day moving average of $2.63 and a 200 day moving average of $2.64. The company has a debt-to-equity ratio of 34.81, a quick ratio of 3.75 and a current ratio of 3.75.

Blend Labs (NYSE:BLND) last released its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $34.95 million during the quarter, compared to analyst estimates of $33.94 million. Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. As a group, equities analysts predict that Blend Labs, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, insider Nima Ghamsari sold 81,434 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total value of $238,601.62. Following the completion of the sale, the insider now owns 2,103,516 shares of the company’s stock, valued at $6,163,301.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 464,004 shares of company stock valued at $1,266,062 in the last ninety days. 11.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of BLND. Victory Capital Management Inc. increased its position in shares of Blend Labs by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock worth $61,000 after purchasing an additional 4,633 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter valued at approximately $26,000. EP Wealth Advisors LLC lifted its holdings 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 worth $464,000 after acquiring an additional 11,448 shares during the last quarter. AMG National Trust Bank acquired a new stake in Blend Labs in the 4th quarter valued at approximately $37,000. Finally, Caxton Associates LP purchased a new stake in Blend Labs in the first quarter valued at approximately $60,000. 52.56% of the stock is owned by hedge funds and other 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.