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

Shares of Blend Labs, Inc. (NYSE:BLND) have earned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $4.91.

BLND has been the topic of several analyst reports. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. JMP Securities began coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target for the company. Canaccord Genuity Group dropped their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a report on Friday, February 28th. UBS Group reduced their target price 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 lifted their price target 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.

Blend Labs Price Performance

Shares of NYSE BLND opened at $3.66 on Tuesday. The firm’s 50 day simple moving average is $3.65 and its 200-day simple moving average is $3.98. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The stock has a market capitalization of $935.42 million, a price-to-earnings ratio of -10.75 and a beta of 1.40.

Insiders Place Their Bets

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $4.27, for a total value of $128,100.00. Following the transaction, the insider now directly owns 896,759 shares of the company’s stock, valued at $3,829,160.93. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 150,000 shares of company stock valued at $561,900 in the last 90 days. 13.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after buying an additional 283,207 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Blend Labs during the 3rd quarter valued at about $676,000. Advantage Alpha Capital Partners LP purchased a new stake in shares of Blend Labs in the third quarter valued at about $3,253,000. Charles Schwab Investment Management Inc. increased its position in Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock worth $6,161,000 after purchasing an additional 120,152 shares during the last quarter. Finally, Barclays PLC raised its stake in Blend Labs by 263.1% during the third quarter. Barclays PLC now owns 407,774 shares of the company’s stock worth $1,530,000 after purchasing an additional 295,460 shares during the period. 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.