Blend Labs Rallies on Analyst Upgrades, Adding Some 45% Over Just Two Sessions

BLND gained as much as 18.5% to a $3.91 intraday high Monday after Canaccord Genuity raised the company's rating to a "Buy" from a previous "Hold." Meanwhile, William Blair upgraded the stock to an "Outperform" ranking from an earlier "Market Perform," according to published reports.

Separately, Canaccord boosted Blend's price target to $4.75 from an earlier $3, while Keefe, Bruyette & Woods raised the stock's target price to $3.25 from an earlier $3 while maintaining Blend at a "Market Perform" rating.

The analyst actions followed news late last week that Blend had beat estimates for Q2 revenue. The company reported after the bell Thursday that that while revenues fell to $40.5 million in the latest quarter from $42.8 million a year earlier, results still beat the $39 million that analysts had reportedly expected.

Blend also narrowed its Q2 loss to $0.09 per share, down from $0.18 in the same period last year. However, analysts had reportedly been expecting just $0.05 per share in red ink for the latest period.

Still, the revenue beat served as enough to drive Blend shares 22.7% higher on Friday. All in, the stock has added some 45.4% since Thursday's close at $2.69.