Blend Labs (NYSE:BLND) Trading Up 5.3% – Still a Buy?

Shares of Blend Labs, Inc. (NYSE:BLND) traded up 5.3% on Monday . The stock traded as high as $3.92 and last traded at $3.90. 782,287 shares traded hands during trading, a decline of 76% from the average session volume of 3,293,191 shares. The stock had previously closed at $3.70.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. UBS Group raised their target price on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Canaccord Genuity Group restated a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a research note on Friday, December 20th. JMP Securities started coverage on Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Finally, Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Stock Performance

The stock has a market capitalization of $999.41 million, a P/E ratio of -11.48 and a beta of 1.38. The stock has a 50-day moving average price of $4.43 and a two-hundred day moving average price of $3.89.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $45.18 million during the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the previous year, the company earned ($0.13) EPS. Equities analysts anticipate that Blend Labs, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the transaction, the director now owns 387,620 shares in the company, valued at $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.59, for a total value of $107,700.00. Following the sale, the insider now owns 806,759 shares of the company’s stock, valued at approximately $2,896,264.81. This trade represents a 3.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 301,782 shares of company stock worth $1,392,878. 13.21% of the stock is owned by insiders.

Institutional Trading of Blend Labs

Several hedge funds have recently bought and sold shares of the stock. Summit Trail Advisors LLC boosted its stake in shares of Blend Labs by 38.1% in the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after acquiring an additional 4,953 shares during the period. Calamos Advisors LLC boosted its stake in shares of Blend Labs by 3.6% in the fourth quarter. Calamos Advisors LLC now owns 299,995 shares of the company’s stock worth $1,263,000 after acquiring an additional 10,366 shares during the period. Caprock Group LLC boosted its stake in shares of Blend Labs by 142.5% in the fourth quarter. Caprock Group LLC now owns 75,032 shares of the company’s stock worth $316,000 after acquiring an additional 44,096 shares during the period. Baader Bank Aktiengesellschaft bought a new position in shares of Blend Labs in the fourth quarter worth about $114,000. Finally, Revolve Wealth Partners LLC bought a new position in shares of Blend Labs in the fourth quarter worth about $132,000. Institutional investors 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.