Blend Labs (NYSE:BLND) Reaches New 1-Year High Following Analyst Upgrade

Blend Labs, Inc. (NYSE:BLND - Get Free Report) reached a new 52-week high during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $3.40 to $3.90. The Goldman Sachs Group currently has a buy rating on the stock. Blend Labs traded as high as $4.30 and last traded at $4.28, with a volume of 3255538 shares changing hands. The stock had previously closed at $3.86.

BLND has been the subject of a number of other reports. Wells Fargo & Company raised their price objective on Blend Labs from $3.50 to $4.50 and gave the company an "overweight" rating in a research report on Thursday. Canaccord Genuity Group increased their price target on shares of Blend Labs from $4.75 to $5.75 and gave the company a "buy" rating in a report on Thursday. UBS Group boosted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. William Blair upgraded Blend Labs from a "market perform" rating to an "outperform" rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group raised Blend Labs from a "hold" rating to a "buy" rating and lifted their price target for the stock from $3.00 to $4.75 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. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $4.46.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 54,303 shares of company stock valued at $192,926. 13.21% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

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

Blend Labs Trading Up 15.2 %

The business has a 50-day moving average of $3.64 and a two-hundred day moving average of $3.12.

Blend Labs (NYSE:BLND - Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate of $39.50 million. On average, analysts forecast that Blend Labs, Inc. will post -0.27 earnings per share for the current fiscal year.

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.