Blend Labs (NYSE:BLND) Shares Gap Up - Here's Why

Shares of Blend Labs, Inc. (NYSE:BLND - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $5.04, but opened at $5.33. Blend Labs shares last traded at $5.16, with a volume of 436,921 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BLND. Keefe, Bruyette & Woods upped their target price on Blend Labs from $3.25 to $3.85 and gave the company a "market perform" rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. JMP Securities assumed coverage on shares of Blend Labs in a research report on Wednesday. They set an "outperform" rating and a $7.00 target price on the stock. Canaccord Genuity Group raised their price target on shares of Blend Labs from $4.75 to $5.75 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $5.11.

Blend Labs Price Performance

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -13.82 and a beta of 1.33. The business's fifty day moving average price is $4.41 and its 200-day moving average price is $3.59.

Insiders Place Their Bets

In other news, insider Winnie Ling sold 10,000 shares of the company's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total value of $40,600.00. Following the completion of the sale, the insider now owns 279,169 shares in the company, valued at $1,133,426.14. This represents a 3.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the transaction, the director now directly owns 331,130 shares in the company, valued at $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,838 shares of company stock valued at $1,050,644. Corporate insiders own 13.21% of the company's stock.

Hedge Funds Weigh In On Blend Labs

Institutional investors have recently modified their holdings of the business. Dark Forest Capital Management LP bought a new stake in Blend Labs during the second quarter worth $31,000. Xponance Inc. bought a new stake in shares of Blend Labs during the 2nd quarter worth $35,000. Virtu Financial LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth about $63,000. RiverPark Advisors LLC bought a new position in Blend Labs during the third quarter valued at about $77,000. Finally, FMR LLC grew its position in Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after buying an additional 3,576 shares during the period. 52.56% of the stock is owned by institutional investors.

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.