Blend Labs, Inc. (NYSE:BLND) Receives Average Recommendation of "Moderate Buy" from Brokerages

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has earned an average rating of "Moderate Buy" from the seven ratings firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $3.94.

A number of analysts recently commented on BLND shares. William Blair upgraded shares of Blend Labs from a "market perform" rating to an "outperform" rating in a research note on Friday, August 9th. UBS Group lifted their price target on Blend Labs from $3.00 to $4.00 and gave the company a "neutral" rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on 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 Blend Labs from a "hold" rating to a "buy" rating and lifted their price objective for the company from $3.00 to $4.75 in a research note on Monday, August 12th. Finally, Keefe, Bruyette & Woods lifted their price target on Blend Labs from $3.00 to $3.25 and gave the stock a "market perform" rating in a research note on Monday, August 12th.

Blend Labs Stock Performance

Shares of BLND stock traded down $0.10 during trading hours on Friday, hitting $3.35. 1,791,244 shares of the company were exchanged, compared to its average volume of 2,272,923. The firm has a market cap of $845.47 million, a P/E ratio of -5.78 and a beta of 1.15. Blend Labs has a fifty-two week low of $1.15 and a fifty-two week high of $4.25. The company has a 50 day simple moving average of $3.67 and a two-hundred day simple moving average of $3.06.

Blend Labs (NYSE:BLND - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million during the quarter, compared to analysts' expectations of $39.50 million. As a group, sell-side analysts expect that Blend Labs will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Winnie Ling sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the sale, the insider now directly owns 279,169 shares of the company's stock, valued at $1,133,426.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 54,303 shares of company stock worth $192,926. Company insiders own 11.83% of the company's stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ShawSpring Partners LLC lifted its holdings in shares of Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company's stock valued at $15,850,000 after buying an additional 2,485,283 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Blend Labs by 2,656.9% during the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company's stock valued at $2,332,000 after buying an additional 692,220 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company's stock valued at $1,546,000 after buying an additional 638,102 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Blend Labs in the 3rd quarter worth $1,803,000. Finally, Lake Street Advisors Group LLC purchased a new stake in shares of Blend Labs in the 1st quarter worth $1,538,000. 52.56% of the stock is owned by institutional investors.

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.