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

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

Analyst Upgrades and Downgrades

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

Blend Labs Trading Up 2.3 %

The firm’s fifty day moving average is $3.46 and its 200-day moving average is $2.97. The stock 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 announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The business had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $39.50 million. As a group, equities analysts predict that Blend Labs, Inc. will post -0.27 EPS for the current year.

Insider Buying and Selling

In other news, insider Winnie Ling sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $3.33, for a total transaction 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 approximately $953,765.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BLND. Dark Forest Capital Management LP acquired a new position in Blend Labs in the second quarter valued at $31,000. Xponance Inc. purchased a new position in shares of Blend Labs during the second quarter worth approximately $35,000. Caxton Associates LP acquired a new position in shares of Blend Labs in the 1st quarter valued at $60,000. Cannon Global Investment Management LLC purchased a new stake in Blend Labs in the 1st quarter valued at $65,000. Finally, Berylson Capital Partners LLC acquired a new stake in Blend Labs during the 4th quarter worth $52,000. 52.56% of the stock is owned by hedge funds and other 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.