Blend Labs (NYSE:BLND) Shares Gap Up – Here’s What Happened

Blend Labs, Inc. (NYSE:BLND)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.77, but opened at $3.95. Blend Labs shares last traded at $3.92, with a volume of 307,364 shares.

Analysts Set New Price Targets

Several research firms have recently weighed in on BLND. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and set a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group upped their target price on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities started coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Blend Labs presently has a consensus rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Price Performance

The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -12.04 and a beta of 1.36. The firm’s fifty day moving average price is $4.32 and its two-hundred day moving average price is $3.92.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The company had revenue of $45.18 million during the quarter, compared to analyst estimates of $41.30 million. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, equities research analysts anticipate that Blend Labs, Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at Blend Labs

In related news, insider Oxana Tkach sold 18,324 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $5.18, for a total transaction of $94,918.32. Following the transaction, the insider now directly owns 88,677 shares in the company, valued at approximately $459,346.86. The trade was a 17.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total transaction of $213,605.00. Following the transaction, the director now owns 387,620 shares in the company, valued at approximately $1,938,100. This trade represents a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 331,782 shares of company stock valued at $1,504,778 over the last ninety days. 13.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Olympiad Research LP bought a new position in Blend Labs during the fourth quarter valued at $47,000. Trellis Wealth Advisors LLC bought a new position in shares of Blend Labs during the 4th quarter worth $57,000. Ieq Capital LLC increased its holdings in Blend Labs by 71.5% in the 4th quarter. Ieq Capital LLC now owns 93,016 shares of the company’s stock worth $392,000 after acquiring an additional 38,777 shares during the last quarter. Rhumbline Advisers raised its stake in Blend Labs by 7.1% in the 4th quarter. Rhumbline Advisers now owns 292,743 shares of the company’s stock valued at $1,232,000 after acquiring an additional 19,336 shares during the period. Finally, Quadrant Private Wealth Management LLC purchased a new stake in Blend Labs during the fourth quarter valued at about $320,000. 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.