Blend Labs (NYSE:BLND) Earns Buy Rating from Canaccord Genuity Group

Blend Labs (NYSE:BLND)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a research note issued on Friday,Benzinga reports. They presently have a $5.75 target price on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 30.68% from the stock’s current price.

Several other brokerages also recently weighed in on BLND. Wells Fargo & Company raised their target price 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 raised their price objective 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. UBS Group upped their target price on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised 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. Finally, JMP Securities began coverage on Blend Labs in a research note on Wednesday. They set an “outperform” rating and a $7.00 price target on the stock. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Stock Performance

NYSE:BLND opened at $4.40 on Friday. The company’s 50-day simple moving average is $4.44 and its 200-day simple moving average is $3.61. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The stock has a market capitalization of $1.13 billion, a P/E ratio of -12.94 and a beta of 1.33.

Insider Buying and Selling

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total value of $40,600.00. Following the sale, the insider now directly owns 279,169 shares of the company’s stock, valued at approximately $1,133,426.14. This represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy J. Mayopoulos sold 42,721 shares of Blend Labs stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total value of $213,605.00. Following the transaction, the director now owns 387,620 shares of the company’s stock, valued at $1,938,100. The trade was a 9.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,838 shares of company stock worth $1,050,644. 13.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the period. ClariVest Asset Management LLC raised its position in shares of Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after acquiring an additional 6,988 shares during the period. Dark Forest Capital Management LP purchased a new stake in shares of Blend Labs during the 2nd quarter worth about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs during the 2nd quarter valued at about $35,000. Finally, EP Wealth Advisors LLC increased its stake in shares of Blend Labs by 8.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock valued at $502,000 after purchasing an additional 16,084 shares in the last quarter. 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.