Blend Labs (NYSE:BLND) Shares Down 2.8%

Shares of Blend Labs, Inc. (NYSE:BLND) traded down 2.8% during trading on Thursday . The company traded as low as $2.73 and last traded at $2.75. 67,872 shares traded hands during trading, a decline of 96% from the average session volume of 1,737,194 shares. The stock had previously closed at $2.83.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wells Fargo & Company raised shares of Blend Labs from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $1.50 to $3.50 in a research note on Wednesday, December 20th. Keefe, Bruyette & Woods upped their price objective on shares of Blend Labs from $1.85 to $2.65 and gave the company a “market perform” rating in a research note on Monday, March 18th. The Goldman Sachs Group increased their price target on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Canaccord Genuity Group increased their price target on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Monday, March 18th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Blend Labs has a consensus rating of “Hold” and a consensus target price of $3.06.

Blend Labs Stock Performance

The stock has a market capitalization of $637.68 million, a P/E ratio of -3.29 and a beta of 1.00. The firm has a 50-day moving average of $2.84 and a 200 day moving average of $2.14. 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 issued its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $36.10 million during the quarter, compared to analysts’ expectations of $37.52 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 118.15%. Research analysts anticipate that Blend Labs, Inc. will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 81,700 shares of Blend Labs stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $2.99, for a total transaction of $244,283.00. Following the completion of the transaction, the insider now directly owns 34,774 shares of the company’s stock, valued at $103,974.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BLND. Vanguard Group Inc. increased its position in Blend Labs by 35.7% in the third quarter. Vanguard Group Inc. now owns 18,304,227 shares of the company’s stock worth $40,452,000 after purchasing an additional 4,815,879 shares during the period. Formation8 GP LLC acquired a new stake in Blend Labs in the fourth quarter worth about $41,362,000. BlackRock Inc. increased its position in Blend Labs by 10.0% in the third quarter. BlackRock Inc. now owns 11,724,516 shares of the company’s stock worth $25,910,000 after purchasing an additional 1,067,190 shares during the period. MFN Partners Management LP acquired a new stake in Blend Labs in the first quarter worth about $28,500,000. Finally, State Street Corp increased its position in Blend Labs by 42.2% in the third quarter. State Street Corp now owns 4,081,403 shares of the company’s stock worth $9,020,000 after purchasing an additional 1,210,510 shares during the period. 52.56% of the stock is owned by institutional investors.

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.