Blend Labs (NYSE:BLND) Trading 2.5% Higher – Time to Buy?

Blend Labs, Inc. (NYSE:BLND)’s stock price rose 2.5% on Friday . The company traded as high as $3.54 and last traded at $3.53. Approximately 1,105,521 shares were traded during trading, a decline of 67% from the average daily volume of 3,346,390 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. UBS Group lowered their price objective 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. Wells Fargo & Company upped their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods cut their price objective on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Finally, JMP Securities assumed coverage on shares of Blend Labs in a report on Wednesday, December 18th. 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 given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Blend Labs currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.91.

Blend Labs Price Performance

The firm has a fifty day simple moving average of $3.65 and a two-hundred day simple moving average of $3.98. The firm has a market capitalization of $925.70 million, a P/E ratio of -10.48 and a beta of 1.40.

Insider Activity at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $3.73, for a total value of $111,900.00. Following the sale, the insider now directly owns 866,759 shares in the company, valued at $3,233,011.07. This represents a 3.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 150,000 shares of company stock worth $561,900. 13.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in BLND. JPL Wealth Management LLC bought a new position in Blend Labs in the 4th quarter worth about $42,000. Balyasny Asset Management L.P. bought a new position in shares of Blend Labs in the fourth quarter worth approximately $46,000. Olympiad Research LP purchased a new stake in Blend Labs in the fourth quarter valued at approximately $47,000. Trellis Wealth Advisors LLC bought a new stake in Blend Labs during the fourth quarter valued at approximately $57,000. Finally, BBR Partners LLC purchased a new position in Blend Labs in the 4th quarter worth approximately $60,000. 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.