Blend Labs (NYSE:BLND) Trading 2.5% Higher – Time to Buy?

Shares of Blend Labs, Inc. (NYSE:BLND) traded up 2.5% on Friday . The stock traded as high as $3.54 and last traded at $3.53. 1,105,521 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 3,346,390 shares. The stock had previously closed at $3.44.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. JMP Securities started coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Canaccord Genuity Group lowered their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company increased their target price on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, UBS Group reduced their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Friday, February 28th. Two investment 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’s stock. According to data from MarketBeat.com, Blend Labs has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Stock Up 3.6 %

The business has a fifty day simple moving average of $3.65 and a 200-day simple moving average of $3.98. The firm has a market cap of $925.70 million, a P/E ratio of -10.48 and a beta of 1.40.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $4.27, for a total transaction of $128,100.00. Following the completion of the transaction, the insider now owns 896,759 shares of the company’s stock, valued at $3,829,160.93. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 150,000 shares of company stock worth $561,900. Insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in shares of Blend Labs by 1.6% during the fourth quarter. California State Teachers Retirement System now owns 189,417 shares of the company’s stock valued at $797,000 after acquiring an additional 3,049 shares in the last quarter. FMR LLC grew its position in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the last quarter. PFG Advisors increased its stake in Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company’s stock valued at $285,000 after purchasing an additional 3,986 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in Blend Labs by 38.1% in the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after buying an additional 4,953 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Blend Labs by 31.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock valued at $120,000 after buying an additional 6,763 shares during the last quarter. 52.56% of the stock is 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.