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

Blend Labs, Inc. (NYSE:BLND) achieved a significant milestone by hitting a new 52-week high during mid-day trading on a recent Thursday. This surge in stock price followed an upgrade from The Goldman Sachs Group, which raised its price target from $3.40 to $3.90. Currently, Goldman Sachs holds a buy rating on the stock. During trading, Blend Labs reached a peak of $4.30 before closing at $4.28, with a considerable volume of 3,255,538 shares exchanged. The previous closing price had been $3.86.

Other equity analysts have also been evaluating Blend Labs recently. Canaccord Genuity Group upgraded the shares from a 'hold' to a 'buy' rating on August 12, increasing their price target from $3.00 to $4.75. Similarly, on August 9, William Blair elevated Blend Labs from a 'market perform' to an 'outperform' rating. In addition, Wells Fargo & Company raised its price target for Blend Labs from $3.50 to $4.50, maintaining an 'overweight' rating. Keefe, Bruyette & Woods also adjusted their price target upward from $3.25 to $3.85 while retaining a 'market perform' rating. On the same day, Canaccord Genuity Group further increased their price objective from $4.75 to $5.75 and reaffirmed a 'buy' rating. Currently, two investment analysts have rated the stock with a hold, while five analysts have assigned it a buy rating. According to MarketBeat, Blend Labs holds a consensus rating of 'Moderate Buy' with a consensus price target of $4.46.

Insider Transactions

In other news, insider Winnie Ling sold 10,000 shares of Blend Labs stock on September 26 at an average price of $4.06, totaling $40,600 for the transaction. After this sale, Ling retained 279,169 shares valued at approximately $1,133,426.14, reflecting a slight decrease in ownership of 0.00%. The transaction details were disclosed through a legal filing with the Securities and Exchange Commission (SEC). Over the past 90 days, insiders have sold a total of 54,303 shares valued at $192,926, with insiders collectively owning 13.21% of the company’s stock.

Institutional Investor Activity

Hedge funds and institutional investors have also been adjusting their positions in Blend Labs. ClariVest Asset Management LLC increased its holdings by 2.9% during the second quarter, owning 252,059 shares worth $595,000 after adding 6,988 shares. Dark Forest Capital Management LP acquired new shares during the same period, valued at approximately $31,000. Xponance Inc. purchased shares worth roughly $35,000, while EP Wealth Advisors LLC boosted its stake by 8.1% in the first quarter, holding 196,757 shares worth $639,000 after acquiring an additional 14,754 shares. Caxton Associates LP also invested a new sum of about $60,000 in Blend Labs in the first quarter. Overall, 52.56% of the stock is in the hands of institutional investors and hedge funds.

Stock Performance Overview

Blend Labs' stock has risen by 7.0% recently. The company's stock price has a 50-day simple moving average of $3.67 and a 200-day simple moving average of $3.15. It maintains a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.69, and a beta of 1.16.

The last quarterly earnings report was announced on August 8, when Blend Labs reported an earnings per share (EPS) of ($0.06), surpassing the consensus estimate of ($0.10) by $0.04. The revenue for the quarter stood at $40.48 million, exceeding analyst expectations of $39.50 million. Analysts predict that Blend Labs, Inc. will report an EPS of -0.27 for the current year.

About Blend Labs

Blend Labs, Inc. provides cloud-based software platform solutions that cater to financial services firms in the United States. The company operates through two main segments: the Blend Platform and Title365. Its Blend Builder Platform features a range of products designed to enhance digital consumer experiences for mortgages, home equity loans, personal loans, credit cards, and other financial instruments.

Blend, Stocks, Upgrade, Earnings, Investors