Blend Labs (NYSE:BLND) Trading Up 3.5% – What’s Next?

Blend Labs, Inc. (NYSE:BLND) shares rose 3.5% on Tuesday . The company traded as high as $3.85 and last traded at $3.83. Approximately 127,330 shares were traded during trading, a decline of 94% from the average daily volume of 2,292,902 shares. The stock had previously closed at $3.70.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BLND shares. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research note on Monday, August 12th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Blend Labs Trading Up 5.4 %

The company has a market capitalization of $984.27 million, a PE ratio of -6.50 and a beta of 1.15. The company’s 50 day moving average price is $3.64 and its 200-day moving average price is $3.03.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $40.48 million for the quarter, compared to analysts’ expectations of $39.50 million. As a group, analysts predict that Blend Labs, Inc. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Winnie Ling sold 20,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the sale, the insider now directly owns 286,416 shares in the company, valued at approximately $953,765.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 54,303 shares of company stock worth $192,926 over the last ninety days. 11.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Blend Labs by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock valued at $30,060,000 after acquiring an additional 46,526 shares during the last quarter. ShawSpring Partners LLC grew its holdings in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after purchasing an additional 2,485,283 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Blend Labs by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after purchasing an additional 62,000 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Blend Labs by 3,799.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after purchasing an additional 638,102 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Blend Labs by 253.8% during the 2nd quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock valued at $1,235,000 after purchasing an additional 375,233 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.