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

Blend Labs (NYSE:BLND)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They presently have a $5.25 price objective on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 44.63% from the company’s current price.

Several other analysts have also commented on the company. Wells Fargo & Company decreased their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. 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, Keefe, Bruyette & Woods dropped their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.83.

Blend Labs Stock Up 2.0%

Shares of Blend Labs stock opened at $3.63 on Monday. The company has a market cap of $942.57 million, a P/E ratio of -10.68 and a beta of 1.29. The firm’s 50 day moving average price is $3.35 and its 200-day moving average price is $3.88. Blend Labs has a 52-week low of $2.08 and a 52-week high of $5.53.

Institutional Investors Weigh In On Blend Labs

A number of large investors have recently bought and sold shares of BLND. California State Teachers Retirement System raised its position in Blend Labs by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 189,417 shares of the company’s stock worth $797,000 after buying an additional 3,049 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Blend Labs by 6.1% in the first quarter. Arizona State Retirement System now owns 61,485 shares of the company’s stock worth $206,000 after acquiring an additional 3,559 shares during the period. PFG Advisors raised its holdings in shares of Blend Labs by 6.3% during the fourth quarter. PFG Advisors now owns 67,762 shares of the company’s stock worth $285,000 after purchasing an additional 3,986 shares during the last quarter. Summit Trail Advisors LLC lifted its position in Blend Labs by 38.1% during the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock valued at $76,000 after purchasing an additional 4,953 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Blend Labs by 0.5% in the first quarter. Deutsche Bank AG now owns 1,209,057 shares of the company’s stock valued at $4,050,000 after purchasing an additional 5,546 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.