Blend Labs (NYSE:BLND) Sets New 1-Year High – Still a Buy?

Shares of Blend Labs, Inc. (NYSE:BLND) reached a new 52-week high during trading on Wednesday . The company traded as high as $5.40 and last traded at $5.40, with a volume of 320 shares traded. The stock had previously closed at $5.29.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BLND. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price objective on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price target for the stock from $3.00 to $4.75 in a report on Monday, August 12th. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, Canaccord Genuity Group raised their price target on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Blend Labs has a consensus rating of “Moderate Buy” and a consensus target price of $4.46.

Blend Labs Stock Performance

The stock has a market cap of $1.35 billion, a PE ratio of -15.35 and a beta of 1.33. The stock’s 50-day moving average is $4.11 and its two-hundred day moving average is $3.43.

Insider Buying and Selling

In other Blend Labs news, Director Timothy J. Mayopoulos sold 42,721 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were 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 of the company’s stock, valued at $1,938,100. This trade represents a 9.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Winnie Ling sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total transaction of $40,600.00. Following the completion of the transaction, the insider now directly owns 279,169 shares of the company’s stock, valued at $1,133,426.14. This represents a 3.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,348 shares of company stock valued at $501,449. Company insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dark Forest Capital Management LP purchased a new position in Blend Labs in the 2nd quarter valued at approximately $31,000. Xponance Inc. purchased a new position in Blend Labs in the 2nd quarter valued at approximately $35,000. Virtu Financial LLC purchased a new position in Blend Labs in the 3rd quarter valued at approximately $63,000. RiverPark Advisors LLC purchased a new position in Blend Labs in the 3rd quarter valued at approximately $77,000. Finally, FMR LLC raised its holdings in shares of Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares in the last quarter. 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.