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

Blend Labs, Inc. (NYSE:BLND)’s share price hit 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.

A number of other brokerages have also recently issued reports on BLND. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company raised their target price on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research note on Thursday. UBS Group raised their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their target price 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. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.46.

Insider Activity at Blend Labs

In related news, insider Winnie Ling sold 10,000 shares of Blend Labs 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 sale, the insider now owns 279,169 shares in the company, valued at $1,133,426.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 54,303 shares of company stock worth $192,926 in the last 90 days. 13.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Dark Forest Capital Management LP purchased a new position in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. purchased a new position in shares of Blend Labs in the 2nd quarter worth approximately $35,000. Caxton Associates LP purchased a new position in shares of Blend Labs in the 1st quarter worth approximately $60,000. RiverPark Advisors LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth approximately $77,000. Finally, SG Americas Securities LLC purchased a new position in shares of Blend Labs in the 1st quarter worth approximately $70,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Trading Up 10.1 %

The stock has a market cap of $1.08 billion, a PE ratio of -8.45 and a beta of 1.16. The business’s 50-day moving average price is $3.64 and its 200-day moving average price is $3.12.

Blend Labs (NYSE:BLND) last released its earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company 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.

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.