Blend Labs (NYSE:BLND) Trading 8.2% Higher

Shares of Blend Labs, Inc. (NYSE:BLND) shot up 8.2% during trading on Friday . The company traded as high as $3.69 and last traded at $3.68. 997,530 shares traded hands during trading, a decline of 57% from the average session volume of 2,302,219 shares. The stock had previously closed at $3.40.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Canaccord Genuity Group upgraded 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 report on Monday, August 12th. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a report 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. The Goldman Sachs Group boosted their price objective 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. Finally, Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Price Performance

The stock has a fifty day simple moving average of $3.26 and a two-hundred day simple moving average of $2.90. The firm has a market capitalization of $994.08 million, a P/E ratio of -6.74 and a beta of 1.15.

Blend Labs (NYSE:BLND) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. The company had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. As a group, sell-side analysts expect that Blend Labs, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity

In related news, insider Winnie Ling sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total transaction of $66,600.00. Following 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 document filed with the SEC, which can be accessed through this link. 11.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of the company. EP Wealth Advisors LLC grew its position in Blend Labs by 8.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock valued at $502,000 after purchasing an additional 16,084 shares during the period. Algert Global LLC lifted its stake in shares of Blend Labs by 27.6% in the second quarter. Algert Global LLC now owns 86,156 shares of the company’s stock valued at $203,000 after buying an additional 18,656 shares in the last quarter. ShawSpring Partners LLC grew its holdings in shares of Blend Labs by 58.7% during the second 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 last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Blend Labs in the 2nd quarter worth about $211,000. Finally, Dark Forest Capital Management LP bought a new position in Blend Labs in the 2nd quarter valued at about $31,000. Institutional investors own 52.56% of the company’s stock.

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.