Blend Labs, Inc. (NYSE:BLND) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Blend Labs, Inc. (NYSE:BLND) have been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $5.11.

A number of analysts have recently commented on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. 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 objective for the company. Wells Fargo & Company boosted their price objective 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. Finally, The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a report on Thursday, November 7th.

Blend Labs Stock Performance

NYSE:BLND opened at $3.52 on Friday. The firm has a market cap of $901.90 million, a P/E ratio of -10.36 and a beta of 1.36. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The firm has a 50-day simple moving average of $3.87 and a two-hundred day simple moving average of $4.02.

Insider Activity at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares in the company, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $5.12, for a total transaction of $153,600.00. Following the sale, the insider now owns 937,439 shares of the company’s stock, valued at $4,799,687.68. This trade represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,737 shares of company stock worth $1,196,254. 13.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently modified their holdings of the company. Lightspeed Management Company L.L.C. bought a new position in shares of Blend Labs in the fourth quarter worth approximately $97,366,000. Vanguard Group Inc. boosted its position in shares of Blend Labs by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock worth $70,776,000 after purchasing an additional 388,583 shares during the period. ShawSpring Partners LLC boosted its position in shares of Blend Labs by 6.8% in the fourth quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company’s stock worth $29,803,000 after purchasing an additional 449,175 shares during the period. State Street Corp boosted its position in shares of Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Blend Labs by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock worth $20,391,000 after purchasing an additional 75,379 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.