Blend Labs, Inc. (NYSE:BLND – Get Free Report) shares traded up 6.7% during mid-day trading on Thursday . The stock traded as high as $3.90 and last traded at $3.81. 299,986 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,139,385 shares. The stock had previously closed at $3.57.
Analysts Set New Price Targets
Several analysts recently issued reports on the stock. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and boosted their price objective for the company from $3.00 to $4.75 in a report on Monday. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and lifted their target price for the company from $3.00 to $4.75 in a research report on Monday. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. The Goldman Sachs Group lifted their target price on Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, Keefe, Bruyette & Woods lifted their target price on Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research report on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.93.
Check Out Our Latest Report on BLND
Blend Labs Stock Up 12.6 %
Insider Transactions at Blend Labs
In other news, insider Nima Ghamsari sold 81,434 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the completion of the transaction, the insider now directly owns 2,103,516 shares of the company’s stock, valued at $6,163,301.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 11.83% of the company’s stock.
Hedge Funds Weigh In On Blend Labs
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLND. Truist Financial Corp acquired a new position in Blend Labs in the fourth quarter valued at approximately $255,000. Victory Capital Management Inc. lifted its stake in Blend Labs by 24.2% in the fourth quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after buying an additional 4,633 shares during the last quarter. Jump Financial LLC purchased a new stake in Blend Labs in the fourth quarter valued at approximately $132,000. AMG National Trust Bank purchased a new stake in Blend Labs in the fourth quarter valued at approximately $37,000. Finally, JPL Wealth Management LLC purchased a new stake in Blend Labs in the fourth quarter valued at approximately $26,000. 52.56% of the stock is owned by institutional investors and hedge funds.
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.
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