Blend Labs, Inc. (NYSE:BLND) Receives Consensus Rating of "Moderate Buy" from Brokerages

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has received an average recommendation of "Moderate Buy" from the nine brokerages that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $4.91.

A number of equities analysts recently weighed in on BLND shares. Keefe, Bruyette & Woods dropped their price target on Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a research note on Monday, March 3rd. UBS Group dropped their target price on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company upped their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Canaccord Genuity Group lowered their price objective on shares of Blend Labs from $5.75 to $5.25 and set a "buy" rating on the stock in a research report on Friday, February 28th. Finally, JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 target price for the company.

Blend Labs Price Performance

Shares of NYSE:BLND traded up $0.13 on Tuesday, reaching $3.57. 2,981,533 shares of the company traded hands, compared to its average volume of 2,774,988. The stock has a market capitalization of $925.70 million, a PE ratio of -10.48 and a beta of 1.40. The company's 50 day moving average is $3.65 and its 200-day moving average is $3.97. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

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Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 866,759 shares in the company, valued at approximately $3,233,011.07. This represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders sold 150,000 shares of company stock worth $561,900. Corporate insiders own 13.21% of the company's stock.

Institutional Trading of Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. Intech Investment Management LLC acquired a new stake in shares of Blend Labs in the 3rd quarter valued at $194,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Blend Labs by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company's stock worth $6,161,000 after buying an additional 120,152 shares during the period. Advantage Alpha Capital Partners LP acquired a new position in Blend Labs in the 3rd quarter valued at $3,253,000. FMR LLC raised its holdings in Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company's stock worth $98,000 after acquiring an additional 3,576 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Blend Labs by 110.9% during the third quarter. MetLife Investment Management LLC now owns 125,560 shares of the company's stock valued at $471,000 after acquiring an additional 66,015 shares during the period. 52.56% of the stock is 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.