Canaccord Genuity Group Reaffirms Buy Rating for Blend Labs (NYSE:BLND)

Canaccord Genuity Group restated their buy rating on shares of Blend Labs (NYSE:BLND) in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a $5.75 price target on the stock.

BLND has been the topic of several other research reports. Wells Fargo & Company increased their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday. UBS Group raised their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted 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. Finally, The Goldman Sachs Group increased their price target on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Stock Down 0.7 %

Blend Labs stock opened at $4.40 on Friday. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The company’s fifty day simple moving average is $4.44 and its 200-day simple moving average is $3.61. The stock has a market cap of $1.13 billion, a P/E ratio of -12.94 and a beta of 1.33.

Insiders Place Their Bets

In related news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the sale, the insider now owns 259,169 shares of the company’s stock, valued at $888,949.67. The trade was a 7.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Oxana Tkach sold 18,324 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now owns 88,677 shares of the company’s stock, valued at $459,346.86. This represents a 17.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 211,838 shares of company stock worth $1,050,644 over the last 90 days. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Blend Labs in the third quarter valued at approximately $2,463,000. Virtu Financial LLC acquired a new stake in shares of Blend Labs in the third quarter valued at approximately $63,000. Barclays PLC raised its position in shares of Blend Labs by 263.1% during the third quarter. Barclays PLC now owns 407,774 shares of the company’s stock worth $1,530,000 after acquiring an additional 295,460 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Blend Labs by 6.3% in the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after acquiring an additional 283,207 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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.