Blend Labs (NYSE:BLND) Sets New 1-Year High Following Analyst Upgrade

Blend Labs, Inc. (NYSE:BLND) hit a new 52-week high during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $3.40 to $3.90. The Goldman Sachs Group currently has a buy rating on the stock. Blend Labs traded as high as $4.30 and last traded at $4.28, with a volume of 3255538 shares traded. The stock had previously closed at $3.86.

Several other equities analysts have also recently commented on BLND. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Wells Fargo & Company boosted their price target on Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a report on Thursday. Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday. Finally, Canaccord Genuity Group lifted their price objective on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

Insider Buying and Selling

In other news, insider Winnie Ling sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $4.06, for a total transaction of $40,600.00. Following the completion of the transaction, the insider now owns 279,169 shares in the company, valued at approximately $1,133,426.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 54,303 shares of company stock valued at $192,926. Insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Hedge funds and other institutional investors have recently made changes to their positions in the business. ClariVest Asset Management LLC lifted its holdings in Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after purchasing an additional 6,988 shares during the period. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. bought a new position in shares of Blend Labs in the second quarter valued at approximately $35,000. EP Wealth Advisors LLC increased its stake in shares of Blend Labs by 8.1% during the first quarter. EP Wealth Advisors LLC now owns 196,757 shares of the company’s stock valued at $639,000 after acquiring an additional 14,754 shares during the period. Finally, Caxton Associates LP bought a new stake in Blend Labs during the first quarter worth approximately $60,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Up 7.0 %

The business has a 50-day simple moving average of $3.67 and a two-hundred day simple moving average of $3.15. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.69 and a beta of 1.16.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. On average, analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current year.

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.