Keefe, Bruyette & Woods Raises Blend Labs (NYSE:BLND) Price Target to $3.85

Blend Labs (NYSE:BLND) had its price objective upped by Keefe, Bruyette & Woods from $3.25 to $3.85 in a research note released on Thursday,Benzinga reports. The firm currently has a market perform rating on the stock.

Several other brokerages have also recently weighed in on BLND. UBS Group raised their price target on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. The Goldman Sachs Group raised their target price on shares of Blend Labs from $3.00 to $3.40 and gave the company 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 boosted their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. Finally, Canaccord Genuity Group increased their target price on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Blend Labs presently has an average rating of “Moderate Buy” and a consensus price target of $4.46.

Blend Labs Price Performance

Blend Labs stock traded up $0.31 during midday trading on Thursday, hitting $4.75. The company’s stock had a trading volume of 3,517,431 shares, compared to its average volume of 2,282,129. The company has a 50-day moving average price of $3.65 and a two-hundred day moving average price of $3.13. Blend Labs has a 1-year low of $1.16 and a 1-year high of $4.75. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -9.07 and a beta of 1.16.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. Sell-side analysts forecast that Blend Labs will post -0.27 EPS for the current year.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of Blend Labs stock in a transaction that occurred on 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 directly owns 279,169 shares in the company, valued at approximately $1,133,426.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 54,303 shares of company stock valued at $192,926. 13.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLND. RiverPark Advisors LLC acquired a new position in Blend Labs during the 3rd quarter worth about $77,000. GSA Capital Partners LLP acquired a new stake in Blend Labs during the 3rd quarter worth approximately $314,000. Cypress Point Wealth Management LLC boosted its holdings in Blend Labs by 15.2% in the 3rd quarter. Cypress Point Wealth Management LLC now owns 226,447 shares of the company’s stock valued at $849,000 after purchasing an additional 29,848 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Blend Labs by 697.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares during the period. Finally, Fullcircle Wealth LLC purchased a new position in Blend Labs during the third quarter worth $508,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.