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

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 traded.

Analysts Set New Price Targets

A number of research firms have weighed in on BLND. Canaccord Genuity Group boosted their price objective on Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Monday, March 18th. Keefe, Bruyette & Woods boosted their price objective 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, The Goldman Sachs Group upped their price target 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Blend Labs has a consensus rating of “Hold” and a consensus price target of $3.06.

Blend Labs Trading Down 2.9 %

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

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $36.10 million for 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%. Equities analysts forecast 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 97,657 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $2.52, for a total value of $246,095.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 11.83% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several large investors have recently bought and sold shares of BLND. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the 4th quarter worth about $26,000. Walleye Capital LLC acquired a new position in shares of Blend Labs during the 2nd quarter worth about $28,000. Hsbc Holdings PLC acquired a new position in shares of Blend Labs during the 3rd quarter worth about $28,000. Centiva Capital LP acquired a new position in shares of Blend Labs during the 4th quarter worth about $28,000. Finally, CI Private Wealth LLC acquired a new position in shares of Blend Labs during the 4th quarter worth about $32,000. Hedge funds and other 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.