Blend Labs (NYSE:BLND) Shares Gap Up to $2.38

Shares of Blend Labs, Inc. (NYSE:BLND) gapped up before the market opened on Wednesday . The stock had previously closed at $2.38, but opened at $2.45. Blend Labs shares last traded at $2.41, with a volume of 849,475 shares.

Wall Street Analysts Forecast Growth

BLND has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price target on shares of Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a research note on Monday, March 18th. The Goldman Sachs Group lifted their target price on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Canaccord Genuity Group lifted their target price on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Monday, March 18th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.06.

Blend Labs Trading Down 2.9 %

The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 34.81. The firm’s 50 day moving average is $2.81 and its 200 day moving average is $2.17.

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

Insider Activity at Blend Labs

In related news, insider Nima Ghamsari sold 81,700 shares of Blend Labs stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $2.99, for a total value of $244,283.00. Following the sale, the insider now owns 34,774 shares in the company, valued at $103,974.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.83% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

A number of hedge funds have recently modified their holdings of BLND. JPMorgan Chase & Co. boosted its holdings in shares of Blend Labs by 3,104.7% during the 1st quarter. JPMorgan Chase & Co. now owns 1,774,979 shares of the company’s stock valued at $10,117,000 after buying an additional 1,719,592 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Blend Labs in the 1st quarter worth about $6,897,000. BlackRock Inc. boosted its stake in Blend Labs by 195.9% in the 1st quarter. BlackRock Inc. now owns 1,169,796 shares of the company’s stock worth $6,667,000 after purchasing an additional 774,425 shares in the last quarter. Blair William & Co. IL boosted its stake in Blend Labs by 52.0% in the 1st quarter. Blair William & Co. IL now owns 126,251 shares of the company’s stock worth $720,000 after purchasing an additional 43,202 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Blend Labs by 1,862.4% in the 1st quarter. Vanguard Group Inc. now owns 11,117,426 shares of the company’s stock worth $63,369,000 after purchasing an additional 10,550,895 shares in the last quarter. Institutional investors 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.