Blend Labs (NYSE:BLND) Hits New 12-Month High After Analyst Upgrade

Blend Labs, Inc. (NYSE:BLND) shares reached a new 52-week high 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 changing hands. The stock had previously closed at $3.86.

BLND has been the topic of a number of other reports. Keefe, Bruyette & Woods raised their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price target for the company from $3.00 to $4.75 in a research report on Monday, August 12th. UBS Group boosted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group increased their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a research note on Thursday. Finally, William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $4.46.

Insider Buying and Selling

In other news, insider Winnie Ling sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the transaction, the insider now directly owns 259,169 shares of the company’s stock, valued at $888,949.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 54,303 shares of company stock worth $192,926. 13.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently made changes to their positions in the business. Dark Forest Capital Management LP bought a new stake in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. purchased a new stake in Blend Labs in the second quarter worth $35,000. Caxton Associates LP purchased a new stake in Blend Labs in the first quarter worth $60,000. RiverPark Advisors LLC bought a new stake in shares of Blend Labs in the third quarter valued at $77,000. Finally, SG Americas Securities LLC purchased a new position in shares of Blend Labs during the 1st quarter valued at $70,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Stock Performance

The firm has a 50 day moving average price of $3.64 and a two-hundred day moving average price of $3.12.

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