Blend Labs (NYSE:BLND) Sets New 12-Month High on Analyst Upgrade

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

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a report on Thursday. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. 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 report on Thursday. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.00 to $4.75 in a report on Monday, August 12th. Finally, UBS Group upped their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.46.

Insider Buying and Selling

In related news, insider Winnie Ling sold 20,000 shares of the business’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 sale, the insider now directly owns 259,169 shares in the company, valued at approximately $888,949.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 54,303 shares of company stock worth $192,926. Company insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

Several large investors have recently made changes to their positions in BLND. Dark Forest Capital Management LP purchased a new stake in shares of Blend Labs during the 2nd quarter worth approximately $31,000. Xponance Inc. purchased a new position in Blend Labs in the 2nd quarter valued at approximately $35,000. Caxton Associates LP purchased a new position in shares of Blend Labs during the 1st quarter valued at $60,000. RiverPark Advisors LLC purchased a new position in shares of Blend Labs during the 3rd quarter valued at $77,000. Finally, SG Americas Securities LLC bought a new stake in shares of Blend Labs during the 1st quarter worth $70,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Trading Up 10.1 %

The company has a market capitalization of $1.08 billion, a P/E ratio of -8.45 and a beta of 1.16. The business’s fifty day moving average price is $3.64 and its 200-day moving average price is $3.12.

Blend Labs (NYSE:BLND) last issued 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 firm had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. As a group, equities research analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current year.

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.