Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Blend Labs (NYSE:BLND) Stock

Blend Labs (NYSE:BLND) had its price objective increased by investment analysts at Keefe, Bruyette & Woods from $3.25 to $3.85 in a research note issued on Thursday, Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential downside of 3.27% from the stock’s current price.

A number of other equities analysts also recently commented on BLND. 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 lifted their price target on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a research report on Friday, August 9th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. 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 research report on Thursday. Finally, UBS Group increased their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Blend Labs currently has a consensus rating of “Moderate Buy” and an average price target of $4.21.

Blend Labs Price Performance

Shares of NYSE:BLND traded up $0.12 during midday trading on Thursday, hitting $3.98. The company had a trading volume of 1,003,566 shares, compared to its average volume of 2,249,287. Blend Labs has a twelve month low of $1.16 and a twelve month high of $4.25. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -8.27 and a beta of 1.16. The business’s 50-day simple moving average is $3.64 and its 200-day simple moving average is $3.12.

Blend Labs (NYSE:BLND) last posted its quarterly 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. The company had revenue of $40.48 million for the quarter, compared to analysts’ expectations of $39.50 million. As a group, sell-side analysts forecast that Blend Labs will post -0.27 EPS for the current year.

Insider Transactions at Blend Labs

In related news, insider Winnie Ling sold 20,000 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3.43, for a total transaction of $68,600.00. Following the transaction, the insider now owns 259,169 shares of the company’s stock, valued at approximately $888,949.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 54,303 shares of company stock worth $192,926 over the last ninety days. Company insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs in the second quarter worth $31,000. Xponance Inc. purchased a new position in Blend Labs in the second quarter valued at $35,000. Caxton Associates LP acquired a new position in Blend Labs during the 1st quarter worth $60,000. SG Americas Securities LLC purchased a new stake in Blend Labs during the 1st quarter worth about $70,000. Finally, RiverPark Advisors LLC acquired a new stake in Blend Labs in the 3rd quarter valued at about $77,000. 52.56% of the stock is 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.