Brokerages Set Blend Labs, Inc. (NYSE:BLND) Target Price at $4.91

Shares of Blend Labs, Inc. (NYSE:BLND) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $4.91.

A number of research firms recently commented on BLND. Keefe, Bruyette & Woods decreased their target price on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research report on Monday, March 3rd. JMP Securities assumed coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company. Canaccord Genuity Group dropped their target price on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research note on Friday, February 28th. UBS Group decreased their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company boosted their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total value of $102,300.00. Following the sale, the insider now owns 836,759 shares in the company, valued at $2,853,348.19. This represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 120,000 shares of company stock worth $433,800 over the last three months. 13.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently added to or reduced their stakes in BLND. Lightspeed Management Company L.L.C. acquired a new position in shares of Blend Labs in the 4th quarter valued at about $97,366,000. Vanguard Group Inc. lifted its holdings in Blend Labs by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock valued at $70,776,000 after acquiring an additional 388,583 shares during the period. ShawSpring Partners LLC grew its stake in shares of Blend Labs by 6.8% during the 4th quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company’s stock worth $29,803,000 after purchasing an additional 449,175 shares during the period. State Street Corp increased its holdings in shares of Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after purchasing an additional 1,995,362 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Blend Labs by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock valued at $20,391,000 after purchasing an additional 75,379 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Blend Labs Stock Performance

BLND stock opened at $3.35 on Tuesday. Blend Labs has a one year low of $2.08 and a one year high of $5.53. The firm has a market cap of $868.57 million, a price-to-earnings ratio of -9.84 and a beta of 1.40. The firm has a 50-day simple moving average of $3.64 and a two-hundred day simple moving average of $3.98.

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.