Blend Labs (NYSE:BLND) Shares Gap Up to $3.31

Blend Labs, Inc. (NYSE:BLND)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $3.31, but opened at $3.41. Blend Labs shares last traded at $3.31, with a volume of 197,542 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BLND. The Goldman Sachs Group raised 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. Keefe, Bruyette & Woods increased their price objective on Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research note on Monday, August 12th. 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 upped their price target for the company from $3.00 to $4.75 in a report on Monday, August 12th. Finally, Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.00 to $4.75 in a report on Monday, August 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.93.

Blend Labs Price Performance

The firm has a market cap of $994.08 million, a P/E ratio of -6.74 and a beta of 1.15. The firm’s 50 day moving average is $3.26 and its 200 day moving average is $2.90.

Blend Labs (NYSE:BLND) last released its earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $39.50 million. As a group, analysts expect that Blend Labs, Inc. will post -0.27 EPS for the current year.

Insiders Place Their Bets

In related news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the sale, the insider now owns 286,416 shares in the company, valued at $953,765.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Formation8 GP LLC bought a new stake in Blend Labs during the 4th quarter worth approximately $41,362,000. Vanguard Group Inc. raised its position in shares of Blend Labs by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock valued at $30,060,000 after purchasing an additional 46,526 shares during the period. ShawSpring Partners LLC lifted its stake 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 in the last quarter. Acadian Asset Management LLC boosted its holdings in Blend Labs by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after buying an additional 62,000 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Blend Labs by 3,799.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Company Profile

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.