Canaccord Genuity Group Issues Positive Forecast for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its target price hoisted by Canaccord Genuity Group from $4.75 to $5.75 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on BLND. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research report on Monday, August 12th. UBS Group lifted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their target price on Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group upgraded 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 report on Monday, August 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

Blend Labs Trading Up 7.0 %

NYSE:BLND traded up $0.31 on Thursday, hitting $4.75. The company had a trading volume of 3,519,378 shares, compared to its average volume of 2,282,138. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.07 and a beta of 1.16. The firm has a 50 day moving average of $3.65 and a two-hundred day moving average of $3.13. Blend Labs has a 52 week low of $1.16 and a 52 week high of $4.75.

Blend Labs (NYSE:BLND) last released 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 for the quarter, compared to analyst estimates of $39.50 million. As a group, equities analysts forecast that Blend Labs will post -0.27 EPS for the current year.

Insider Transactions at Blend Labs

In related news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction on Thursday, September 12th. The shares were 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 owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 54,303 shares of company stock valued at $192,926 over the last ninety days. 13.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in 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 buying an additional 46,526 shares during the last quarter. ShawSpring Partners LLC lifted its position 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 in the last quarter. Principal Financial Group Inc. boosted its holdings in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. Acadian Asset Management LLC increased its stake in Blend Labs by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock valued at $1,840,000 after buying an additional 62,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

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.