Blend Labs (NYSE:BLND) Given New $3.90 Price Target at The Goldman Sachs Group

Blend Labs (NYSE:BLND) had its price objective lifted by The Goldman Sachs Group from $3.40 to $3.90 in a research report sent to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods lifted their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and lifted their price objective for the company from $3.00 to $4.75 in a report on Monday, August 12th. Wells Fargo & Company boosted their price target on shares of Blend Labs from $3.50 to $4.50 and gave the stock an “overweight” rating in a report on Thursday. Finally, Canaccord Genuity Group boosted their price target on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Blend Labs has an average rating of “Moderate Buy” and an average price target of $4.46.

Blend Labs Stock Up 7.0 %

Shares of NYSE BLND opened at $4.75 on Thursday. The company’s 50-day simple moving average is $3.67 and its 200-day simple moving average is $3.15. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -13.97 and a beta of 1.16. Blend Labs has a 52-week low of $1.16 and a 52-week high of $4.75.

Blend Labs (NYSE:BLND) last issued its earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $40.48 million for the quarter, compared to analysts’ expectations of $39.50 million. Equities research analysts anticipate that Blend Labs will post -0.27 EPS for the current fiscal year.

Insider Transactions at Blend Labs

In related news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the sale, the insider now owns 259,169 shares in the company, valued at $888,949.67. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 54,303 shares of company stock worth $192,926. Company insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently added to or reduced their stakes in the business. ClariVest Asset Management LLC increased its holdings in Blend Labs by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after acquiring an additional 6,988 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in Blend Labs during the 2nd quarter valued at about $31,000. Xponance Inc. purchased a new position in Blend Labs during the 2nd quarter valued at about $35,000. EP Wealth Advisors LLC increased its holdings in Blend Labs by 8.1% during the 1st quarter. EP Wealth Advisors LLC now owns 196,757 shares of the company’s stock valued at $639,000 after acquiring an additional 14,754 shares in the last quarter. Finally, Caxton Associates LP purchased a new position in Blend Labs during the 1st quarter valued at about $60,000. 52.56% of the stock is currently 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.