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

Shares of Blend Labs, Inc. (NYSE:BLND) have received an average recommendation of “Moderate Buy” from the nine research firms that are presently covering the firm, MarketBeat 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 1-year price objective among brokerages that have covered the stock in the last year is $5.11.

Several equities analysts have weighed in on BLND shares. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Wells Fargo & Company raised their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods upped 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 note on Thursday, November 7th. JMP Securities started coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target for the company. Finally, UBS Group upped their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd.

Blend Labs Trading Up 0.3 %

Shares of NYSE BLND opened at $3.74 on Thursday. The stock has a market capitalization of $957.18 million, a PE ratio of -11.00 and a beta of 1.38. Blend Labs has a twelve month low of $2.08 and a twelve month high of $5.53. The stock has a fifty day simple moving average of $4.59 and a 200-day simple moving average of $3.76.

Insider Activity

In other news, insider Oxana Tkach sold 18,324 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the transaction, the insider now directly owns 88,677 shares of the company’s stock, valued at approximately $459,346.86. This represents a 17.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the sale, the director now directly owns 331,130 shares in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 241,782 shares of company stock worth $1,182,878. 13.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of Blend Labs by 193.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock valued at $6,431,000 after purchasing an additional 1,130,706 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Blend Labs by 697.6% in the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after acquiring an additional 2,390,337 shares during the period. Franklin Resources Inc. purchased a new position in shares of Blend Labs during the third quarter worth approximately $2,463,000. Virtu Financial LLC acquired a new position in shares of Blend Labs in the 3rd quarter valued at $63,000. Finally, Barclays PLC raised its position in Blend Labs by 263.1% in the 3rd quarter. Barclays PLC now owns 407,774 shares of the company’s stock valued at $1,530,000 after purchasing an additional 295,460 shares during the last quarter. Institutional investors and hedge funds 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.