Blend Labs (NYSE:BLND) Given New $5.75 Price Target at Canaccord Genuity Group

Blend Labs (NYSE:BLND) had its price objective lifted by Canaccord Genuity Group from $4.75 to $5.75 in a report issued on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and increased their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research report on Monday, August 12th. UBS Group raised their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their target price 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. Finally, William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and five have given 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 $4.46.

Blend Labs Trading Up 7.0 %

NYSE:BLND opened at $4.75 on Thursday. Blend Labs has a 12-month low of $1.16 and a 12-month high of $4.75. The stock has a 50-day moving average price of $3.67 and a 200 day moving average price of $3.15. The stock has a market capitalization of $1.21 billion, a P/E ratio of -13.97 and a beta of 1.16.

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

Insider Activity

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the transaction, the insider now owns 286,416 shares of the company’s stock, valued at $953,765.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 54,303 shares of company stock valued at $192,926. 13.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Blend Labs by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock valued at $30,060,000 after buying an additional 46,526 shares during the last quarter. ShawSpring Partners LLC boosted its position in shares of Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after purchasing an additional 2,485,283 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Blend Labs by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after buying an additional 62,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares during the last quarter. 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.