Blend Labs (NYSE:BLND) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Blend Labs (NYSE:BLND) in a research note released on Friday,Benzinga reports. The brokerage currently has a $5.75 target price on the stock.

Several other equities analysts have also commented on BLND. JMP Securities started coverage on Blend Labs in a research report on Wednesday. They set an “outperform” rating and a $7.00 price target on the stock. The Goldman Sachs Group boosted their target price on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Finally, UBS Group raised their target price on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Price Performance

Shares of BLND opened at $4.40 on Friday. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The stock’s 50-day moving average is $4.44 and its two-hundred day moving average is $3.61. The stock has a market cap of $1.13 billion, a PE ratio of -12.94 and a beta of 1.33.

Insider Buying and Selling at Blend Labs

In related news, 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 sale, the director now directly owns 387,620 shares in the company, valued at $1,938,100. This trade represents a 9.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the transaction, the insider now directly owns 907,439 shares of the company’s stock, valued at $4,582,566.95. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,838 shares of company stock worth $1,050,644 over the last 90 days. Insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. ShawSpring Partners LLC raised its position in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after purchasing an additional 2,485,283 shares during the period. State Street Corp raised its holdings in Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after buying an additional 1,995,362 shares during the period. Geode Capital Management LLC lifted 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 valued at $17,880,000 after buying an additional 283,207 shares in the last quarter. Principal Financial Group Inc. boosted 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 worth $10,249,000 after buying an additional 2,390,337 shares during the period. Finally, Summit Partners Public Asset Management LLC increased its position in shares of Blend Labs by 452.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after acquiring an additional 1,552,865 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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.