Blend Labs (NYSE:BLND) Trading 7.1% Higher - Here's Why

Blend Labs, Inc. (NYSE:BLND - Get Free Report) shares traded up 7.1% during mid-day trading on Wednesday . The stock traded as high as $3.56 and last traded at $3.56. Approximately 1,680,219 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 3,369,395 shares. The stock had previously closed at $3.32.

Analyst Upgrades and Downgrades

BLND has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research note on Thursday, December 5th. JMP Securities began coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 target price for the company. UBS Group decreased their price target on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Keefe, Bruyette & Woods reduced their price objective on Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a report on Monday, March 3rd. Finally, Citizens Jmp raised Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4.91.

Blend Labs Stock Up 2.7 %

The stock has a market capitalization of $917.51 million, a P/E ratio of -10.57 and a beta of 1.40. The firm has a 50 day simple moving average of $3.66 and a two-hundred day simple moving average of $3.97.

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Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now owns 776,759 shares in the company, valued at approximately $2,897,311.07. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 184,247 shares of company stock valued at $731,959 over the last 90 days. Company insiders own 13.21% of the company's stock.

Institutional Investors Weigh In On Blend Labs

Several large investors have recently made changes to their positions in the business. Mackenzie Financial Corp lifted its holdings in shares of Blend Labs by 140.0% in the fourth quarter. Mackenzie Financial Corp now owns 35,067 shares of the company's stock worth $148,000 after buying an additional 20,456 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Blend Labs by 107.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 374,682 shares of the company's stock valued at $1,577,000 after purchasing an additional 194,310 shares during the last quarter. Voloridge Investment Management LLC bought a new position in Blend Labs in the fourth quarter worth about $1,278,000. Washington Harbour Partners LP purchased a new position in Blend Labs during the fourth quarter valued at $1,126,000. Finally, Whitebark Investors LP purchased a new stake in shares of Blend Labs in the fourth quarter worth $10,895,000. 52.56% of the stock is owned by hedge funds and other 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.