Blend Labs (NYSE:BLND) Price Target Raised to $4.00

Blend Labs (NYSE:BLND) had its target price boosted by UBS Group from $3.00 to $4.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group upgraded 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 report on Monday, August 12th. The Goldman Sachs Group upped their target price on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research note on Friday, August 9th. 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. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Finally, Keefe, Bruyette & Woods lifted their target price on Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $3.94.

Blend Labs Price Performance

NYSE:BLND opened at $3.32 on Wednesday. The firm has a market capitalization of $836.63 million, a P/E ratio of -5.52 and a beta of 1.15. Blend Labs has a one year low of $1.15 and a one year high of $4.25. The company’s 50-day simple moving average is $3.70 and its 200 day simple moving average is $3.05.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. On average, equities research analysts expect that Blend Labs will post -0.27 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction 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 owns 259,169 shares of the company’s stock, valued at $888,949.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 54,303 shares of company stock valued at $192,926 in the last ninety days. 11.83% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. SG Americas Securities LLC bought a new position in Blend Labs in the third quarter worth approximately $660,000. Principal Financial Group Inc. purchased a new stake in shares of Blend Labs in the 2nd quarter worth $809,000. ShawSpring Partners LLC raised its holdings in Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after purchasing an additional 2,485,283 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Blend Labs during the first quarter valued at $94,000. Finally, Acadian Asset Management LLC grew its holdings in Blend Labs by 2,656.9% during the first quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after purchasing an additional 692,220 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.