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Blend Labs (NYSE:BLND) Shares Up 4.6% - Here's What Happened

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Shares of Blend Labs, Inc. (NYSE:BLND - Get Free Report) traded up 4.6% during trading on Thursday . The stock 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.

Wall Street Analyst Weigh In

BLND has been the subject of a number of recent research reports. Canaccord Genuity Group cut their target price on shares of Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods lowered their price objective on Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research note on Monday, March 3rd. UBS Group cut their target price on Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company increased their target price 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 investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.91.

Get Our Latest Research Report on Blend Labs

Blend Labs Stock Performance

The stock has a market capitalization of $949.50 million, a PE ratio of -10.91 and a beta of 1.40. The stock's 50 day moving average is $3.64 and its two-hundred day moving average is $3.97.

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Insider Activity at Blend Labs

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 completion of the transaction, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 150,000 shares of company stock valued at $561,900. 13.21% of the stock is owned by company insiders.

Institutional Trading of Blend Labs

Several institutional investors have recently added to or reduced their stakes in BLND. JPL Wealth Management LLC purchased a new position in shares of Blend Labs in the fourth quarter valued at approximately $42,000. Balyasny Asset Management L.P. purchased a new position in Blend Labs in the 4th quarter valued at approximately $46,000. Olympiad Research LP acquired a new position in shares of Blend Labs in the fourth quarter worth $47,000. Trellis Wealth Advisors LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth $57,000. Finally, BBR Partners LLC acquired a new stake in shares of Blend Labs in the fourth quarter valued at $60,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Blend Labs Company Profile

(Get Free Report)

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.

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