The Goldman Sachs Group Forecasts Strong Price Appreciation for Blend Labs (NYSE:BLND) Stock

Blend Labs (NYSE:BLND) had its price objective boosted by The Goldman Sachs Group from $3.40 to $3.90 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group raised their price target on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and lifted their target price for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. UBS Group upped their price target on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday. Finally, Wells Fargo & Company upped their target price on Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Blend Labs currently has a consensus rating of “Moderate Buy” and an average price target of $4.46.

Blend Labs Stock Up 7.0 %

Shares of Blend Labs stock traded up $0.31 on Thursday, reaching $4.75. The stock had a trading volume of 3,519,378 shares, compared to its average volume of 2,282,138. The stock has a market capitalization of $1.21 billion, a P/E ratio of -9.07 and a beta of 1.16. The company has a 50 day moving average price of $3.65 and a 200 day moving average price of $3.13. Blend Labs has a 1 year low of $1.16 and a 1 year high of $4.75.

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

Insider Transactions at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.43, for a total value of $68,600.00. Following the transaction, the insider now directly owns 259,169 shares in the company, valued at $888,949.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 54,303 shares of company stock valued at $192,926 in the last ninety days. 13.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP purchased a new position in shares of Blend Labs during the 2nd quarter worth approximately $31,000. Xponance Inc. purchased a new stake in shares of Blend Labs in the 2nd quarter valued at $35,000. Caxton Associates LP purchased a new position in Blend Labs during the 1st quarter valued at about $60,000. SG Americas Securities LLC acquired a new position in Blend Labs in the 1st quarter valued at about $70,000. Finally, RiverPark Advisors LLC purchased a new stake in Blend Labs during the third quarter worth about $77,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.