Blend Labs (NYSE:BLND) Stock Price Up 4.6% – Still a Buy?

Shares of Blend Labs, Inc. (NYSE:BLND) rose 4.6% during mid-day trading on Thursday . The company traded as high as $3.62 and last traded at $3.71. 84,736 shares were traded during trading, a decline of 97% from the average session volume of 2,697,280 shares. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BLND shares. Canaccord Genuity Group cut their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research report on Friday, February 28th. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. UBS Group reduced their price objective on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, February 28th. JMP Securities began coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut 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 note on Monday, March 3rd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.91.

Blend Labs Stock Up 7.7 %

The stock’s 50-day moving average price is $3.64 and its 200 day moving average price is $3.97. The firm has a market capitalization of $978.93 million, a price-to-earnings ratio of -11.25 and a beta of 1.40.

Insider Buying and Selling at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now directly owns 866,759 shares in the company, valued at $3,233,011.07. The trade was a 3.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 154,247 shares of company stock worth $580,459. Insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently added to or reduced their stakes in BLND. Lightspeed Management Company L.L.C. purchased a new stake in Blend Labs in the 4th quarter valued at $97,366,000. Whitebark Investors LP acquired a new position in shares of Blend Labs during the 4th quarter valued at about $10,895,000. Principal Financial Group Inc. grew 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 purchasing an additional 2,390,337 shares during the period. State Street Corp increased its position in Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Finally, Mirabella Financial Services LLP purchased a new position in Blend Labs during the fourth quarter worth about $6,765,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.