Blend Labs (NYSE:BLND) Hits New 12-Month High – Time to Buy?

Blend Labs, Inc. (NYSE:BLND) reached a new 52-week high during trading on Monday . The stock traded as high as $5.32 and last traded at $5.20, with a volume of 100493 shares trading hands. The stock had previously closed at $5.20.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BLND. Wells Fargo & Company lifted their price objective on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods upped their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group lifted their target price on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday, November 7th. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, The Goldman Sachs Group lifted their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

Blend Labs Stock Performance

The company has a 50-day simple moving average of $3.93 and a 200-day simple moving average of $3.32.

Insiders Place Their Bets

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total transaction of $40,600.00. Following the sale, the insider now directly owns 279,169 shares in the company, valued at approximately $1,133,426.14. The trade was a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the sale, the director now directly owns 387,620 shares in the company, valued at $1,938,100. This trade represents a 9.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,024 shares of company stock worth $406,531. 13.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after acquiring an additional 3,576 shares during the last quarter. ClariVest Asset Management LLC boosted its stake in shares of Blend Labs by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after purchasing an additional 6,988 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Blend Labs during the second quarter worth about $31,000. Xponance Inc. acquired a new position in shares of Blend Labs in the second quarter valued at approximately $35,000. Finally, EP Wealth Advisors LLC lifted its stake in shares of Blend Labs by 8.2% during the second quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock valued at $502,000 after buying an additional 16,084 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.