Blend Labs (NYSE:BLND) Shares Up 8.5%

Blend Labs, Inc. (NYSE:BLND) shares shot up 8.5% during mid-day trading on Wednesday . The company traded as high as $2.34 and last traded at $2.30. 1,521,253 shares changed hands during trading, a decline of 12% from the average session volume of 1,729,828 shares. The stock had previously closed at $2.12.

Analyst Upgrades and Downgrades

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

Blend Labs Stock Up 9.4 %

The company has a debt-to-equity ratio of 34.81, a quick ratio of 3.75 and a current ratio of 3.75. The stock has a market capitalization of $585.52 million, a PE ratio of -3.91 and a beta of 1.14. The business has a 50 day moving average of $2.63 and a two-hundred day moving average of $2.64.

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

Insider Activity at Blend Labs

In other news, insider Nima Ghamsari sold 100,807 shares of the stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $2.45, for a total value of $246,977.15. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold 464,004 shares of company stock valued at $1,266,062 in the last ninety days. Corporate insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs in the fourth quarter worth about $26,000. AMG National Trust Bank purchased a new stake in shares of Blend Labs in the fourth quarter worth about $37,000. Thrive Capital Management LLC purchased a new stake in shares of Blend Labs in the third quarter worth about $46,000. Moneta Group Investment Advisors LLC purchased a new stake in shares of Blend Labs in the third quarter worth about $52,000. Finally, Berylson Capital Partners LLC acquired a new stake in Blend Labs in the fourth quarter valued at approximately $52,000. 52.56% of the stock is owned by institutional investors and hedge funds.

About Blend Labs

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.