Blend Labs (NYSE:BLND) Price Target Raised to $5.75

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

A number of other research analysts also recently issued reports on the stock. UBS Group upped their target price 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. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and raised their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. 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. William Blair raised shares of 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.46.

Blend Labs Stock Performance

Shares of BLND stock opened at $4.75 on Thursday. Blend Labs has a 52-week low of $1.16 and a 52-week high of $4.75. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -13.97 and a beta of 1.16. The firm has a fifty day moving average of $3.67 and a 200-day moving average of $3.15.

Blend Labs (NYSE:BLND) last posted 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 firm had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. On average, sell-side analysts predict that Blend Labs will post -0.27 earnings per share for the current year.

Insider Buying and Selling

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total transaction of $66,600.00. Following the transaction, the insider now directly owns 286,416 shares in the company, valued at approximately $953,765.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 54,303 shares of company stock worth $192,926 in the last ninety days. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Blend Labs by 15.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 291,502 shares of the company’s stock valued at $947,000 after acquiring an additional 38,479 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Blend Labs during the first quarter valued at approximately $70,000. ClariVest Asset Management LLC grew its stake in Blend Labs by 19.6% in the first quarter. ClariVest Asset Management LLC now owns 245,071 shares of the company’s stock worth $796,000 after purchasing an additional 40,158 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Blend Labs in the first quarter worth $94,000. Finally, Vanguard Group Inc. boosted its holdings in Blend Labs by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after acquiring an additional 46,526 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.