Blend Labs (NYSE:BLND) Sets New 12-Month High at $4.24

Blend Labs, Inc. (NYSE:BLND) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $4.24 and last traded at $4.18, with a volume of 1444587 shares. The stock had previously closed at $3.93.

Analyst Upgrades and Downgrades

BLND has been the subject of several analyst reports. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.00 to $4.75 in a report on Monday, August 12th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their price target for the company from $3.00 to $4.75 in a research note on Monday, August 12th. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods upped their price objective on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a report on Monday, August 12th. Finally, The Goldman Sachs Group boosted their target price on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Blend Labs currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Blend Labs Trading Up 2.3 %

The business’s 50-day simple moving average is $3.46 and its 200-day simple moving average is $2.97. The company has a market capitalization of $1.02 billion, a PE ratio of -6.79 and a beta of 1.15.

Blend Labs (NYSE:BLND) last posted its earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating 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. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. Sell-side analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the transaction, the insider now directly owns 286,416 shares of the company’s stock, valued at $953,765.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLND. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs during the 2nd quarter valued at about $31,000. Xponance Inc. acquired a new stake in Blend Labs in the second quarter valued at approximately $35,000. Berylson Capital Partners LLC purchased a new stake in shares of Blend Labs in the fourth quarter valued at approximately $52,000. Caxton Associates LP acquired a new position in shares of Blend Labs during the 1st quarter worth approximately $60,000. Finally, Victory Capital Management Inc. lifted its position in shares of Blend Labs by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after buying an additional 4,633 shares in the last quarter. Hedge funds and other 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.