Blend Labs (NYSE:BLND) Hits New 12-Month High – What’s Next?

Blend Labs, Inc. (NYSE:BLND) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $4.98 and last traded at $4.97, with a volume of 2935667 shares changing hands. The stock had previously closed at $4.53.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BLND. Canaccord Genuity Group upped their target price on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Wells Fargo & Company upped their target price on Blend Labs from $3.50 to $4.50 and gave the stock an “overweight” rating in a report on Thursday, November 7th. UBS Group upped their target price on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and five have given 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 $4.46.

Blend Labs Stock Up 9.7 %

The company has a market cap of $1.27 billion, a PE ratio of -14.53 and a beta of 1.16. The business has a 50-day simple moving average of $3.80 and a 200-day simple moving average of $3.25.

Insider Activity

In related news, insider Winnie Ling sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the completion of the sale, the insider now owns 279,169 shares of the company’s stock, valued at approximately $1,133,426.14. This trade represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 54,303 shares of company stock worth $192,926 over the last quarter. 13.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Blend Labs by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after acquiring an additional 46,526 shares during the last quarter. ShawSpring Partners LLC increased its stake in Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after acquiring an additional 2,485,283 shares during the last quarter. State Street Corp increased its stake in Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after acquiring an additional 1,995,362 shares during the last quarter. Geode Capital Management LLC increased its stake in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after acquiring an additional 283,207 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.