Blend Labs’ (BLND) Buy Rating Reiterated at Canaccord Genuity Group

Blend Labs (NYSE:BLND)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity Group in a research note issued on Monday,Benzinga reports. They presently have a $5.25 price objective on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 48.73% from the stock’s current price.

Several other analysts have also recently commented on the company. UBS Group lowered their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Wells Fargo & Company lowered their price target on Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods reduced their price objective on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research note on Monday, March 3rd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Blend Labs presently has an average rating of “Moderate Buy” and a consensus price target of $4.70.

Blend Labs Trading Up 7.3%

Blend Labs stock opened at $3.53 on Monday. The stock has a market cap of $916.61 million, a PE ratio of -10.38 and a beta of 1.29. The stock has a 50-day moving average price of $3.33 and a 200 day moving average price of $3.88. Blend Labs has a 52 week low of $2.08 and a 52 week high of $5.53.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). On average, equities analysts predict that Blend Labs will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of BLND. Merit Financial Group LLC purchased a new stake in shares of Blend Labs during the first quarter valued at $36,000. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs during the fourth quarter valued at $42,000. Balyasny Asset Management L.P. purchased a new stake in shares of Blend Labs during the fourth quarter valued at $46,000. Olympiad Research LP purchased a new stake in shares of Blend Labs during the fourth quarter valued at $47,000. Finally, Pallas Capital Advisors LLC purchased a new stake in shares of Blend Labs during the first quarter valued at $51,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

About Blend Labs

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.