Blend Labs, Inc. (NYSE:BLND) Given Average Recommendation of “Moderate Buy” by Analysts

Blend Labs, Inc. (NYSE:BLND) has been given a consensus rating of “Moderate Buy” by the nine research firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $5.11.

Several research firms have recently issued reports on BLND. Keefe, Bruyette & Woods boosted their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and set a $5.75 price objective on shares of Blend Labs in a research report on Friday, December 20th. Wells Fargo & Company lifted their target price on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Finally, JMP Securities assumed coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $3.75 on Thursday. Blend Labs has a 1 year low of $2.08 and a 1 year high of $5.53. The stock’s 50-day moving average is $4.58 and its 200 day moving average is $3.80. The company has a market cap of $959.74 million, a PE ratio of -11.03 and a beta of 1.38.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the sale, the insider now directly owns 866,759 shares of the company’s stock, valued at $3,233,011.07. The trade was a 3.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm’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 transaction, the director now directly owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,782 shares of company stock valued at $1,182,878 in the last three months. 13.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blend Labs

Several large investors have recently modified their holdings of BLND. Dark Forest Capital Management LP bought a new stake in Blend Labs during the 2nd quarter valued at about $31,000. Xponance Inc. bought a new position in shares of Blend Labs in the second quarter worth approximately $35,000. Virtu Financial LLC purchased a new stake in shares of Blend Labs during the third quarter valued at approximately $63,000. RiverPark Advisors LLC bought a new stake in shares of Blend Labs during the third quarter valued at approximately $77,000. Finally, FMR LLC raised its holdings in Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after acquiring an additional 3,576 shares during 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.