The Goldman Sachs Group Raises Blend Labs (NYSE:BLND) Price Target to $3.40

Blend Labs (NYSE:BLND) had its target price hoisted by equities researchers at The Goldman Sachs Group from $3.00 to $3.40 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 3.03% from the stock’s current price.

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

Blend Labs Stock Performance

NYSE BLND traded up $0.61 during trading hours on Friday, hitting $3.30. 17,895,493 shares of the company traded hands, compared to its average volume of 2,109,108. The stock has a market capitalization of $832.85 million, a price-to-earnings ratio of -5.69 and a beta of 1.10. Blend Labs has a twelve month low of $1.03 and a twelve month high of $4.14. The business’s 50-day moving average is $2.66 and its 200-day moving average is $2.73.

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

Insider Activity

In related news, insider Nima Ghamsari sold 81,434 shares of Blend Labs 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 completion of the sale, the insider now directly owns 2,103,516 shares of the company’s stock, valued at approximately $6,163,301.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. increased its stake in Blend Labs by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock worth $61,000 after acquiring an additional 4,633 shares during the period. ClariVest Asset Management LLC raised its stake in Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after purchasing an additional 6,988 shares in the last quarter. JPL Wealth Management LLC bought a new stake in Blend Labs during the fourth quarter worth about $26,000. EP Wealth Advisors LLC grew its stake in Blend Labs by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock worth $464,000 after buying an additional 11,448 shares in the last quarter. Finally, AMG National Trust Bank bought a new position in Blend Labs in the 4th quarter valued at about $37,000. 52.56% of the stock is 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.