JMP Securities Begins Coverage on Blend Labs (NYSE:BLND)

Stock analysts at JMP Securities began coverage on shares of Blend Labs (NYSE:BLND) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $7.00 price target on the stock. JMP Securities’ target price would indicate a potential upside of 58.01% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods lifted 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 report on Thursday, November 7th. Canaccord Genuity Group increased their price target on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, UBS Group upped their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Price Performance

Blend Labs stock opened at $4.43 on Wednesday. Blend Labs has a one year low of $2.08 and a one year high of $5.53. The business’s fifty day moving average is $4.43 and its 200 day moving average is $3.60. The stock has a market capitalization of $1.13 billion, a PE ratio of -13.03 and a beta of 1.33.

Insider Buying and Selling

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the transaction, the director now directly owns 331,130 shares in the company, valued at $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3.43, for a total transaction of $68,600.00. Following the sale, the insider now owns 259,169 shares in the company, valued at $888,949.67. The trade was a 7.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 211,838 shares of company stock valued at $1,050,644. 13.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after acquiring an additional 638,102 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Blend Labs in the 2nd quarter worth approximately $809,000. Rhumbline Advisers boosted its stake in Blend Labs by 4,370.6% in the 2nd quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after purchasing an additional 267,307 shares during the period. Acadian Asset Management LLC boosted its stake in Blend Labs by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after purchasing an additional 62,000 shares during the period. Finally, ClariVest Asset Management LLC grew its holdings in 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 buying an additional 6,988 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.