Blend Labs (NYSE:BLND) Trading 4.7% Higher

Blend Labs, Inc. (NYSE:BLND)’s stock price rose 4.7% during trading on Friday . The stock traded as high as $2.71 and last traded at $2.70. Approximately 1,114,409 shares traded hands during trading, a decline of 44% from the average daily volume of 1,987,803 shares. The stock had previously closed at $2.58.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods upped their price target on Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a report on Friday, May 10th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $3.00 price target on shares of Blend Labs in a research note on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.15.

Blend Labs Stock Performance

The firm has a market cap of $656.19 million, a price-to-earnings ratio of -4.21 and a beta of 1.10. The business’s 50 day moving average price is $2.68 and its 200-day moving average price is $2.71.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.03. The business had revenue of $34.95 million for the quarter, compared to analyst estimates of $33.94 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. On average, analysts forecast that Blend Labs, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Blend Labs news, insider Nima Ghamsari sold 81,434 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total value of $238,601.62. Following the sale, the insider now directly owns 2,103,516 shares of the company’s stock, valued at $6,163,301.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 made changes to their positions in the company. Rhumbline Advisers lifted its holdings in Blend Labs by 4,370.6% in the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after purchasing an additional 267,307 shares during the period. Principal Financial Group Inc. bought a new position in shares of Blend Labs in the second quarter valued at approximately $809,000. Bank of New York Mellon Corp increased its stake in shares of Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after acquiring an additional 638,102 shares during the period. Center Lake Capital Management LLC bought a new stake in Blend Labs during the first quarter worth approximately $894,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in Blend Labs by 977.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 409,217 shares of the company’s stock worth $1,330,000 after purchasing an additional 371,233 shares during the period. Institutional investors and hedge funds 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.