Blend Labs (NYSE:BLND) Trading 8.2% Higher

Blend Labs, Inc. (NYSE:BLND)’s stock price traded up 8.2% during mid-day trading on Friday . The stock traded as high as $3.69 and last traded at $3.68. 997,530 shares changed hands during trading, a decline of 57% from the average session volume of 2,302,219 shares. The stock had previously closed at $3.40.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a report on Monday, August 12th. 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 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 report on Monday, August 12th. The Goldman Sachs Group increased their price objective on Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Canaccord Genuity Group upgraded 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 report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Stock Performance

The stock has a fifty day simple moving average of $3.23 and a two-hundred day simple moving average of $2.89. The stock has a market capitalization of $988.99 million, a price-to-earnings ratio of -6.19 and a beta of 1.15.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The firm had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. Research analysts forecast that Blend Labs, Inc. will post -0.27 earnings per share for the current year.

Institutional Trading of Blend Labs

Large investors have recently made changes to their positions in the company. G2 Investment Partners Management LLC acquired a new stake in shares of Blend Labs in the 4th quarter valued at about $956,000. Truist Financial Corp acquired a new stake in shares of Blend Labs in the 4th quarter valued at about $255,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Blend Labs in the 1st quarter valued at about $94,000. Jump Financial LLC acquired a new stake in shares of Blend Labs in the 4th quarter valued at about $132,000. Finally, Acadian Asset Management LLC grew its stake in shares of Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after buying an additional 692,220 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.