Amir Jafari Acquires 6,265 Shares of Blend Labs, Inc. (NYSE:BLND) Stock

Blend Labs, Inc. (NYSE:BLND) insider Amir Jafari purchased 6,265 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was acquired at an average price of $2.65 per share, with a total value of $16,602.25. Following the purchase, the insider now owns 402,716 shares in the company, valued at $1,067,197.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Amir Jafari also recently made the following trade(s):

• On Wednesday, March 13th, Amir Jafari purchased 5,555 shares of Blend Labs stock. The stock was acquired at an average price of $3.00 per share, with a total value of $16,665.00.

Blend Labs Trading Down 1.7 %

BLND stock opened at $2.38 on Wednesday. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 34.81. Blend Labs, Inc. has a 12-month low of $0.53 and a 12-month high of $3.40. The stock has a market cap of $599.88 million, a price-to-earnings ratio of -3.09 and a beta of 1.00. The business’s 50-day moving average is $2.83 and its 200 day moving average is $2.17.

Blend Labs (NYSE:BLND) last issued its earnings results on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). The business had revenue of $36.10 million for 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%. On average, sell-side analysts anticipate that Blend Labs, Inc. will post -0.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BLND has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their price target on Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Wells Fargo & Company upgraded Blend Labs from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $1.50 to $3.50 in a report on Wednesday, December 20th. Canaccord Genuity Group lifted their price objective on Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a report on Monday, March 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a report on Monday, March 18th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BLND. Formation8 GP LLC acquired a new position in shares of Blend Labs during the 4th quarter worth approximately $41,362,000. Vanguard Group Inc. boosted its holdings in shares of Blend Labs by 1,862.4% during the 1st quarter. Vanguard Group Inc. now owns 11,117,426 shares of the company’s stock worth $63,369,000 after purchasing an additional 10,550,895 shares during the last quarter. MFN Partners Management LP acquired a new position in shares of Blend Labs during the 1st quarter worth approximately $28,500,000. State Street Corp boosted its holdings in shares of Blend Labs by 664.2% during the 2nd quarter. State Street Corp now owns 2,870,893 shares of the company’s stock worth $6,775,000 after purchasing an additional 2,495,209 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Blend Labs by 111.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,740,619 shares of the company’s stock worth $8,267,000 after purchasing an additional 1,968,921 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.