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

Blend Labs, Inc. (NYSE:BLND) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $5.11.

Several analysts recently commented on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. JMP Securities began coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target for the company. The Goldman Sachs Group upped their price target on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. UBS Group lifted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th.

Insider Transactions at Blend Labs

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the transaction, the director now directly owns 331,130 shares in the company, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction on Tuesday, January 28th. 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 owns 776,759 shares in the company, valued at $2,897,311.07. This trade represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 331,782 shares of company stock valued at $1,504,778 over the last three months. 13.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blend Labs

Several large investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC increased its stake in shares of Blend Labs by 253.8% during the 2nd quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock valued at $1,235,000 after acquiring an additional 375,233 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Blend Labs during the second quarter worth approximately $211,000. Algert Global LLC raised its stake in Blend Labs by 27.6% during the second quarter. Algert Global LLC now owns 86,156 shares of the company’s stock worth $203,000 after purchasing an additional 18,656 shares during the period. SG Americas Securities LLC acquired a new position in shares of Blend Labs in the 3rd quarter valued at $660,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Blend Labs during the 3rd quarter valued at $1,803,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Stock Performance

Blend Labs stock opened at $3.92 on Monday. Blend Labs has a one year low of $2.08 and a one year high of $5.53. The company has a market cap of $1.00 billion, a P/E ratio of -11.51 and a beta of 1.36. The business has a fifty day moving average of $4.23 and a two-hundred day moving average of $3.94.

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.