Blend Labs (NYSE:BLND) PT Raised to $4.00 at UBS Group

Blend Labs (NYSE:BLND) had its price objective upped by UBS Group from $3.00 to $4.00 in a research report sent to investors on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other brokerages have also recently commented on BLND. The Goldman Sachs Group raised their price target 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. Canaccord Genuity Group upgraded 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 research note on Monday, August 12th. Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a research note on Monday, August 12th. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group upgraded 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 research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.94.

Blend Labs Stock Performance

NYSE BLND opened at $3.35 on Wednesday. The firm has a 50-day simple moving average of $3.67 and a 200 day simple moving average of $3.06. Blend Labs has a twelve month low of $1.15 and a twelve month high of $4.25. The stock has a market cap of $845.47 million, a PE ratio of -5.78 and a beta of 1.15.

Blend Labs (NYSE:BLND) last released its earnings results 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. The company had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. Research analysts forecast that Blend Labs will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Blend Labs

In other 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 transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 54,303 shares of company stock valued at $192,926. Corporate insiders own 11.83% of the company’s stock.

Institutional Trading of Blend Labs

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ClariVest Asset Management LLC increased its holdings in shares of Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after purchasing an additional 6,988 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs in the second quarter valued at approximately $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs in the second quarter valued at approximately $35,000. EP Wealth Advisors LLC increased its holdings in shares of Blend Labs by 8.1% in the first quarter. EP Wealth Advisors LLC now owns 196,757 shares of the company’s stock valued at $639,000 after purchasing an additional 14,754 shares in the last quarter. Finally, Caxton Associates LP acquired a new stake in shares of Blend Labs in the first quarter valued at approximately $60,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.