Canaccord Genuity Group Issues Positive Forecast for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its price objective boosted by Canaccord Genuity Group from $4.75 to $5.75 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 48.77% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.00 to $4.75 in a research note on Monday, August 12th. The Goldman Sachs Group increased their price target on Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods boosted their price objective on Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a research report on Monday, August 12th. William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, UBS Group raised their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.11.

Blend Labs Trading Up 1.7 %

Shares of NYSE:BLND opened at $3.87 on Thursday. The stock has a market cap of $982.65 million, a PE ratio of -7.89 and a beta of 1.16. The stock’s fifty day simple moving average is $3.64 and its two-hundred day simple moving average is $3.12. Blend Labs has a 1-year low of $1.16 and a 1-year high of $4.25.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. On average, sell-side analysts forecast that Blend Labs will post -0.27 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the sale, the insider now owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 54,303 shares of company stock valued at $192,926 in the last 90 days. Insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP bought a new position in shares of Blend Labs in the second quarter valued at approximately $31,000. Xponance Inc. purchased a new stake in Blend Labs in the 2nd quarter worth approximately $35,000. Caxton Associates LP bought a new position in Blend Labs in the 1st quarter valued at $60,000. SG Americas Securities LLC purchased a new position in shares of Blend Labs during the 1st quarter valued at $70,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Blend Labs in the first quarter worth $94,000. Hedge funds and other 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.