Blend Labs (NYSE:BLND) Given New $3.90 Price Target at The Goldman Sachs Group

Blend Labs (NYSE:BLND) had its target price raised by equities researchers at The Goldman Sachs Group from $3.40 to $3.90 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 5.80% from the stock’s current price.

Several other equities analysts have also weighed in on BLND. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Wells Fargo & Company raised their price target on shares of Blend Labs from $3.50 to $4.50 and gave the stock an “overweight” rating in a research note on Thursday. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their price objective for the company from $3.00 to $4.75 in a research note on Monday, August 12th. 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 report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

Blend Labs Price Performance

Shares of BLND stock traded up $0.28 during trading hours on Thursday, reaching $4.14. The company had a trading volume of 2,254,627 shares, compared to its average volume of 2,255,079. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -8.45 and a beta of 1.16. Blend Labs has a 12 month low of $1.16 and a 12 month high of $4.25. The business has a fifty day simple moving average of $3.64 and a 200-day simple moving average of $3.12.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. On average, equities research analysts expect that Blend Labs will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the transaction, the insider now owns 259,169 shares in the company, valued at $888,949.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 54,303 shares of company stock worth $192,926 over the last 90 days. Corporate insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently modified their holdings of BLND. SG Americas Securities LLC purchased a new position in Blend Labs in the third quarter worth $660,000. Fullcircle Wealth LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth about $508,000. Principal Financial Group Inc. purchased a new position in shares of Blend Labs in the 2nd quarter worth about $809,000. ShawSpring Partners LLC increased its position in shares of Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after purchasing an additional 2,485,283 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Blend Labs during the 1st quarter valued at about $94,000. Hedge funds and other 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.