Blend Labs (NYSE:BLND) Stock Price Up 2.5% - What's Next?

Blend Labs, Inc. (NYSE:BLND - Get Free Report) rose 2.5% during mid-day trading on Friday . The stock traded as high as $3.54 and last traded at $3.53. Approximately 1,105,521 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 3,346,390 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

A number of research analysts recently commented on BLND shares. Canaccord Genuity Group lowered their price objective on Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a research note on Friday, February 28th. Citizens Jmp upgraded shares of Blend Labs to a "strong-buy" rating in a research report on Wednesday, December 18th. UBS Group cut their price objective 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. JMP Securities began coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an "outperform" rating and a $7.00 target price for the company. Finally, Wells Fargo & Company raised their price target 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 research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.91.

Blend Labs Stock Performance

The business's 50 day moving average price is $3.64 and its two-hundred day moving average price is $3.98. The company has a market capitalization of $930.89 million, a price-to-earnings ratio of -10.54 and a beta of 1.40.

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Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the firm's stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the transaction, the insider now owns 866,759 shares of the company's stock, valued at $3,233,011.07. This trade represents a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 120,000 shares of company stock worth $433,800. 13.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the business. JPL Wealth Management LLC acquired a new position in shares of Blend Labs in the 4th quarter worth approximately $42,000. Balyasny Asset Management L.P. bought a new position in shares of Blend Labs in the fourth quarter valued at $46,000. Olympiad Research LP acquired a new stake in shares of Blend Labs during the 4th quarter valued at $47,000. Trellis Wealth Advisors LLC bought a new stake in shares of Blend Labs during the 4th quarter worth $57,000. Finally, BBR Partners LLC acquired a new position in shares of Blend Labs in the 4th quarter worth $60,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.