Blend Labs’ (BLND) Buy Rating Reaffirmed at Canaccord Genuity Group

Blend Labs (NYSE:BLND)‘s stock had its “buy” rating reissued by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $5.75 target price on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 30.68% from the company’s previous close.

Several other research firms have also recently issued reports on BLND. UBS Group lifted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price target on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities started coverage on Blend Labs in a research note on Wednesday. They issued an “outperform” rating and a $7.00 price objective for the company. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods increased their target price on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Two 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. According to data from MarketBeat.com, Blend Labs presently has an average rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Stock Down 0.7 %

BLND opened at $4.40 on Friday. The firm’s fifty day simple moving average is $4.44 and its two-hundred day simple moving average is $3.61. Blend Labs has a 52-week low of $2.08 and a 52-week high of $5.53. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -12.94 and a beta of 1.33.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the sale, the insider now owns 907,439 shares of the company’s stock, valued at approximately $4,582,566.95. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Winnie Ling sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 279,169 shares of the company’s stock, valued at $1,133,426.14. The trade was a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 211,838 shares of company stock worth $1,050,644 in the last quarter. Company insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Dark Forest Capital Management LP purchased a new stake in shares of Blend Labs in the 2nd quarter valued at approximately $31,000. Xponance Inc. acquired a new stake in Blend Labs in the 2nd quarter valued at approximately $35,000. Virtu Financial LLC purchased a new stake in Blend Labs in the third quarter valued at approximately $63,000. RiverPark Advisors LLC purchased a new position in shares of Blend Labs during the third quarter worth $77,000. Finally, FMR LLC boosted its position in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after buying an additional 3,576 shares during the period. Institutional investors and hedge funds 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.