Blend Labs, Inc. (NYSE:BLND – Get Free Report) shares dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $2.49 and last traded at $2.51. Approximately 502,794 shares were traded during trading, a decline of 71% from the average daily volume of 1,727,168 shares. The stock had previously closed at $2.64.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in 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 report on Friday, March 15th. Keefe, Bruyette & Woods increased their target price on Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a research report on Friday, May 10th. Finally, Canaccord Genuity Group restated a “hold” rating and set a $3.00 price target on shares of Blend Labs in a report on Wednesday, May 8th. 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, the company presently has an average rating of “Hold” and an average target price of $3.15.
Blend Labs Stock Down 6.4 %
The company has a 50-day simple moving average of $2.72 and a two-hundred day simple moving average of $2.56. The stock has a market cap of $623.38 million, a P/E ratio of -4.55 and a beta of 1.14. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 34.81.
Blend Labs (NYSE:BLND – Get Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. The company had revenue of $34.95 million for the quarter, compared to the consensus estimate of $33.94 million. On average, equities analysts forecast that Blend Labs, Inc. will post -0.38 EPS for the current year.
Insiders Place Their Bets
In other Blend Labs news, insider Nima Ghamsari sold 100,807 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $2.45, for a total transaction of $246,977.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 545,704 shares of company stock worth $1,510,345. Corporate insiders own 11.83% of the company’s stock.
Institutional Investors Weigh In On Blend Labs
Several large investors have recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $26,000. AMG National Trust Bank bought a new stake in shares of Blend Labs in the 4th quarter worth about $37,000. Thrive Capital Management LLC bought a new stake in shares of Blend Labs in the 3rd quarter valued at approximately $46,000. Moneta Group Investment Advisors LLC purchased a new position in Blend Labs during the third quarter worth $52,000. Finally, Berylson Capital Partners LLC purchased a new stake in shares of Blend Labs in the fourth quarter valued at $52,000. 52.56% of the stock is owned by institutional investors.
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.