Blend Labs (NYSE:BLND) Sets New 12-Month High – Here’s Why

Blend Labs, Inc. (NYSE:BLND) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $4.98 and last traded at $4.97, with a volume of 2935667 shares trading hands. The stock had previously closed at $4.53.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.00 to $4.75 in a research note on Monday, August 12th. UBS Group raised their target price 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 increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their target price on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Finally, William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.46.

Blend Labs Price Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -15.32 and a beta of 1.16. The business has a 50 day moving average of $3.90 and a 200 day moving average of $3.29.

Insider Activity at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the firm’s 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 sale, the insider now directly owns 279,169 shares in the company, valued at approximately $1,133,426.14. This trade represents a 3.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 54,303 shares of company stock worth $192,926 in the last ninety days. Company insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dark Forest Capital Management LP bought a new position in shares of Blend Labs in the second quarter valued at $31,000. Xponance Inc. acquired a new position in shares of Blend Labs during the 2nd quarter worth about $35,000. Caxton Associates LP bought a new stake in shares of Blend Labs in the 1st quarter valued at about $60,000. Virtu Financial LLC bought a new position in Blend Labs during the third quarter worth about $63,000. Finally, SG Americas Securities LLC bought a new position in Blend Labs during the first quarter worth about $70,000. Institutional investors and hedge funds 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.