Shares of Blend Labs, Inc. (NYSE:BLND – Get Free Report) traded up 4.7% during mid-day trading on Monday . The company traded as high as $3.16 and last traded at $3.13. 1,869,611 shares changed hands during trading, a decline of 1% from the average session volume of 1,881,654 shares. The stock had previously closed at $2.99.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on BLND. The Goldman Sachs Group boosted their price target 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 raised their price target on Blend Labs from $1.85 to $2.65 and gave the company a “market perform” rating in a research report on Monday, March 18th. Wells Fargo & Company upgraded shares of Blend Labs from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $1.50 to $3.50 in a research report on Wednesday, December 20th. Finally, Canaccord Genuity Group increased their price target on shares of Blend Labs from $2.00 to $3.00 and gave the company a “hold” rating in a research report on Monday, March 18th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Blend Labs has a consensus rating of “Hold” and a consensus target price of $3.06.
Blend Labs Stock Performance
The stock has a 50-day moving average price of $2.70 and a 200 day moving average price of $1.96. The firm has a market cap of $782.62 million, a PE ratio of -4.03 and a beta of 0.92. The company has a debt-to-equity ratio of 34.81, a current ratio of 5.38 and a quick ratio of 5.38.
Blend Labs (NYSE:BLND – Get Free Report) last announced its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. The business had revenue of $36.10 million for the quarter, compared to analyst estimates of $37.52 million. Research analysts forecast that Blend Labs, Inc. will post -0.47 earnings per share for the current year.
Insider Transactions at Blend Labs
In related news, insider Nima Ghamsari sold 81,700 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $2.99, for a total transaction of $244,283.00. Following the completion of the sale, the insider now owns 34,774 shares of the company’s stock, valued at approximately $103,974.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 11.83% of the company’s stock.
Institutional Trading of Blend Labs
A number of hedge funds have recently made changes to their positions in the company. Citigroup Inc. boosted its holdings in Blend Labs by 327,281.9% in the third quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock valued at $520,000 after purchasing an additional 379,647 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Blend Labs during the 3rd quarter valued at $234,000. Kingsview Wealth Management LLC grew its holdings in Blend Labs by 36.1% during the 3rd quarter. Kingsview Wealth Management LLC now owns 95,245 shares of the company’s stock worth $130,000 after acquiring an additional 25,245 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Blend Labs in the 3rd quarter valued at about $52,000. Finally, ShawSpring Partners LLC grew its stake in Blend Labs by 8.2% in the second quarter. ShawSpring Partners LLC now owns 11,241,342 shares of the company’s stock worth $10,648,000 after purchasing an additional 855,281 shares in the last quarter. 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.