Blend Labs (NYSE:BLND) Trading 4.6% Higher – Here’s Why

Blend Labs, Inc. (NYSE:BLND) shares shot up 4.6% during trading on Thursday . The company traded as high as $3.62 and last traded at $3.71. 84,736 shares were traded during mid-day trading, a decline of 97% from the average session volume of 2,697,280 shares. The stock had previously closed at $3.55.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. UBS Group lowered their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods reduced 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. Canaccord Genuity Group lowered their target price on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company boosted their price target 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. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Blend Labs currently has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Stock Performance

The company has a market capitalization of $978.93 million, a price-to-earnings ratio of -11.25 and a beta of 1.40. The firm has a 50-day simple moving average of $3.64 and a two-hundred day simple moving average of $3.97.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the transaction, the insider now directly owns 866,759 shares in the company, valued at approximately $3,233,011.07. This trade represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 154,247 shares of company stock worth $580,459. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Large investors have recently bought and sold shares of the stock. Lightspeed Management Company L.L.C. purchased a new position in shares of Blend Labs in the 4th quarter valued at about $97,366,000. Whitebark Investors LP acquired a new stake in Blend Labs in the fourth quarter valued at approximately $10,895,000. Principal Financial Group Inc. lifted its stake in 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 acquiring an additional 2,390,337 shares during the last quarter. State Street Corp grew 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 acquiring an additional 1,995,362 shares in the last quarter. Finally, Mirabella Financial Services LLP purchased a new stake in shares of Blend Labs in the 4th quarter valued at approximately $6,765,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.