Blend Labs (NYSE:BLND) PT Raised to $3.40 at The Goldman Sachs Group

Blend Labs (NYSE:BLND) had its price objective lifted by stock analysts at The Goldman Sachs Group from $3.00 to $3.40 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 3.03% from the stock’s current price.

Other analysts have also issued reports about the company. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods lifted their price target on Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a report on Friday, May 10th. Finally, Canaccord Genuity Group reissued a “hold” rating and issued a $3.00 price target on shares of Blend Labs in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.23.

Blend Labs Trading Up 22.7 %

NYSE:BLND traded up $0.61 on Friday, hitting $3.30. 17,895,493 shares of the company’s stock traded hands, compared to its average volume of 2,109,108. The firm has a 50-day moving average price of $2.66 and a 200-day moving average price of $2.73. The company has a market cap of $832.85 million, a PE ratio of -5.69 and a beta of 1.10. Blend Labs has a 1 year low of $1.03 and a 1 year high of $4.14.

Blend Labs (NYSE:BLND) last released its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. The company had revenue of $34.95 million during the quarter, compared to the consensus estimate of $33.94 million. Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. On average, research analysts forecast that Blend Labs will post -0.39 EPS for the current fiscal year.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 81,434 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the transaction, the insider now owns 2,103,516 shares in the company, valued at $6,163,301.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds have recently bought and sold shares of the company. ClariVest Asset Management LLC lifted its position in shares of Blend Labs by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after purchasing an additional 6,988 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Blend Labs by 8.6% during the second 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. Rhumbline Advisers boosted its position in shares of Blend Labs by 4,370.6% in the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock valued at $645,000 after acquiring an additional 267,307 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Blend Labs in the second quarter valued at approximately $809,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after acquiring an additional 638,102 shares during the last quarter. 52.56% of the stock is currently owned by 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.