Blend Labs (NYSE:BLND) Hits New 52-Week High – Still a Buy?

Blend Labs, Inc. (NYSE:BLND)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $4.98 and last traded at $4.97, with a volume of 2935667 shares traded. The stock had previously closed at $4.53.

Analysts Set New Price Targets

Several research firms recently issued reports on BLND. The Goldman Sachs Group boosted their price target on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. UBS Group boosted their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group lifted their price target on shares of Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective on Blend Labs from $3.50 to $4.50 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods upped their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.46.

Blend Labs Stock Up 2.8 %

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -15.32 and a beta of 1.16. The firm has a 50 day moving average of $3.90 and a two-hundred day moving average of $3.29.

Insider Activity

In other news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total transaction of $66,600.00. Following the completion of the transaction, the insider now owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 54,303 shares of company stock worth $192,926. Insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors and hedge funds have recently bought and sold shares of BLND. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. bought a new position in Blend Labs during the second quarter worth $35,000. Caxton Associates LP bought a new position in shares of Blend Labs in the 1st quarter worth about $60,000. Virtu Financial LLC acquired a new position in shares of Blend Labs in the 3rd quarter valued at about $63,000. Finally, SG Americas Securities LLC bought a new stake in shares of Blend Labs during the 1st quarter valued at about $70,000. 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.