Blend Labs (NYSE:BLND) Sets New 12-Month High – Here’s Why

Shares of Blend Labs, Inc. (NYSE:BLND) reached a new 52-week high on Monday . The company traded as high as $5.32 and last traded at $5.20, with a volume of 100493 shares trading hands. The stock had previously closed at $5.20.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and lifted their price objective for the company from $3.00 to $4.75 in a research note on Monday, August 12th. The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price target on shares of Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Blend Labs currently has a consensus rating of “Moderate Buy” and an average target price of $4.46.

Blend Labs Stock Performance

The firm has a market cap of $1.33 billion, a P/E ratio of -15.23 and a beta of 1.16. The business’s 50-day simple moving average is $3.96 and its 200 day simple moving average is $3.34.

Insider Buying and Selling

In other news, insider Winnie Ling sold 10,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 279,169 shares of the company’s stock, valued at $1,133,426.14. The trade was a 3.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was 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 directly owns 387,620 shares in the company, valued at approximately $1,938,100. This represents a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,348 shares of company stock valued at $501,449 over the last 90 days. Company insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BLND. FMR LLC lifted its holdings in Blend Labs by 15.8% during the third 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. ClariVest Asset Management LLC raised its position in shares of Blend Labs by 2.9% during the 2nd 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 during the period. Dark Forest Capital Management LP purchased a new position in shares of Blend Labs during the 2nd quarter valued at $31,000. Xponance Inc. bought a new position in Blend Labs in the 2nd quarter worth $35,000. Finally, EP Wealth Advisors LLC increased its stake in Blend Labs by 8.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock worth $502,000 after buying an additional 16,084 shares in the last quarter. 52.56% of the stock is currently owned by 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.