Blend Labs (NYSE:BLND) Trading Up 10.9% – What’s Next?

Blend Labs, Inc. (NYSE:BLND) shot up 10.9% on Friday . The stock traded as high as $3.65 and last traded at $3.65. 1,674,220 shares changed hands during trading, a decline of 49% from the average session volume of 3,271,024 shares. The stock had previously closed at $3.29.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BLND shares. Canaccord Genuity Group decreased their target price on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company lowered their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their target price on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research report on Monday, March 3rd. Finally, UBS Group lowered their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.70.

Blend Labs Stock Up 7.3 %

The business’s 50-day moving average price is $3.33 and its 200 day moving average price is $3.88. The company has a market capitalization of $916.61 million, a P/E ratio of -10.38 and a beta of 1.29.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). Analysts anticipate that Blend Labs, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently modified their holdings of the business. Merit Financial Group LLC bought a new position in shares of Blend Labs in the first quarter worth approximately $36,000. JPL Wealth Management LLC purchased a new position in Blend Labs in the fourth quarter worth $42,000. Balyasny Asset Management L.P. bought a new position in Blend Labs in the fourth quarter valued at $46,000. Olympiad Research LP purchased a new stake in Blend Labs during the fourth quarter valued at about $47,000. Finally, Pallas Capital Advisors LLC bought a new stake in Blend Labs during the first quarter worth about $51,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.