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

Blend Labs, Inc. (NYSE:BLND) has received a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $4.46.

Several research firms recently commented on BLND. 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. Wells Fargo & Company boosted their price objective on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a report on Thursday, November 7th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.00 to $4.75 in a report on Monday, August 12th. UBS Group boosted their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note 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.

Blend Labs Price Performance

BLND stock opened at $4.97 on Wednesday. The stock has a market capitalization of $1.27 billion, a P/E ratio of -14.62 and a beta of 1.16. Blend Labs has a 1-year low of $1.18 and a 1-year high of $4.98. The business has a fifty day moving average price of $3.83 and a 200-day moving average price of $3.26.

Insider Transactions at Blend Labs

In related news, insider Winnie Ling sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the sale, the insider now directly owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. This represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 54,303 shares of company stock worth $192,926 in the last three months. Corporate insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently modified their holdings of BLND. ShawSpring Partners LLC lifted its stake in shares of Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after buying an additional 2,485,283 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after acquiring an additional 2,390,337 shares during the period. State Street Corp boosted its stake in shares of Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after acquiring an additional 1,995,362 shares during the period. Summit Partners Public Asset Management LLC boosted its stake in shares of Blend Labs by 452.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after acquiring an additional 1,552,865 shares during the period. Finally, Advantage Alpha Capital Partners LP purchased a new stake in shares of Blend Labs during the third quarter worth about $3,253,000. 52.56% of the stock is currently owned by institutional investors.

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.