Blend Labs (NYSE:BLND) Rating Reiterated by Canaccord Genuity Group

Blend Labs (NYSE:BLND)‘s stock had its “hold” rating restated by analysts at Canaccord Genuity Group in a research note issued on Wednesday, Benzinga reports. They currently have a $3.00 price target on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 8.11% from the stock’s previous close.

Several other brokerages also recently commented on BLND. Keefe, Bruyette & Woods increased 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 report on Monday, March 18th. The Goldman Sachs Group upped their target price on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.06.

Blend Labs Stock Performance

Shares of BLND stock opened at $2.78 on Wednesday. Blend Labs has a one year low of $0.80 and a one year high of $3.40. The company’s 50-day moving average is $2.75 and its 200 day moving average is $2.29. The company has a market capitalization of $699.44 million, a price-to-earnings ratio of -3.60 and a beta of 1.10. The company has a debt-to-equity ratio of 34.81, a quick ratio of 5.38 and a current ratio of 5.38.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Friday, March 15th. The company reported ($0.10) EPS for the quarter, meeting 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 company had revenue of $36.10 million for the quarter, compared to the consensus estimate of $37.52 million. Sell-side analysts expect that Blend Labs 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 the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $2.99, for a total transaction of $244,283.00. Following the transaction, the insider now owns 34,774 shares in the company, valued at approximately $103,974.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its stake in shares of Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock worth $61,000 after purchasing an additional 4,633 shares during the period. JPL Wealth Management LLC bought a new position in shares of Blend Labs in the 4th quarter worth approximately $26,000. EP Wealth Advisors LLC lifted its stake in shares of Blend Labs by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock worth $464,000 after purchasing an additional 11,448 shares during the period. AMG National Trust Bank bought a new position in shares of Blend Labs in the 4th quarter worth approximately $37,000. Finally, Cannon Global Investment Management LLC bought a new stake in Blend Labs during the 1st quarter worth approximately $65,000. 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.