Blend Labs (NYSE:BLND) Now Covered by Analysts at JMP Securities

JMP Securities assumed coverage on shares of Blend Labs (NYSE:BLND) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $7.00 target price on the stock.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. The Goldman Sachs Group increased their target price on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, UBS Group lifted 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. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Trading Down 1.3 %

Shares of NYSE BLND traded down $0.06 during mid-day trading on Wednesday, reaching $4.64. 229,279 shares of the company’s stock were exchanged, compared to its average volume of 2,366,063. Blend Labs has a twelve month low of $2.08 and a twelve month high of $5.53. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -13.65 and a beta of 1.33. The business has a fifty day simple moving average of $4.41 and a 200 day simple moving average of $3.59.

Insiders Place Their Bets

In related news, insider Oxana Tkach sold 18,324 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the completion of the sale, the insider now directly owns 88,677 shares in the company, valued at $459,346.86. The trade was a 17.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Winnie Ling sold 10,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the transaction, the insider now owns 279,169 shares in the company, valued at $1,133,426.14. The trade was a 3.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 211,838 shares of company stock valued at $1,050,644 over the last 90 days. 13.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blend Labs

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in shares of Blend Labs by 3,799.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after buying an additional 638,102 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Blend Labs in the second quarter worth about $809,000. Rhumbline Advisers grew its holdings in shares of Blend Labs by 4,370.6% during the 2nd quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock valued at $645,000 after purchasing an additional 267,307 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Blend Labs by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock valued at $1,840,000 after purchasing an additional 62,000 shares during the last quarter. Finally, ClariVest Asset Management LLC grew its stake in shares of Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after buying an additional 6,988 shares during the last quarter. 52.56% of the stock is currently 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.