Blend Labs (NYSE:BLND) Coverage Initiated by Analysts at JMP Securities

JMP Securities started coverage on shares of Blend Labs (NYSE:BLND - Free Report) in a research report sent to investors on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $7.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on BLND. Wells Fargo & Company increased their price target on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods lifted their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a "market perform" rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their price target on shares of Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a research note on Thursday, November 7th. UBS Group raised their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 23rd. Finally, Canaccord Genuity Group upped their target price on Blend Labs from $4.75 to $5.75 and gave the company a "buy" rating in a research report on Thursday, November 7th. Two 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 has a consensus rating of "Moderate Buy" and a consensus price target of $5.11.

Blend Labs Price Performance

NYSE BLND traded down $0.34 during trading on Wednesday, reaching $4.70. 3,521,624 shares of the company's stock were exchanged, compared to its average volume of 2,375,040. The business has a 50 day moving average price of $4.41 and a 200-day moving average price of $3.59. The stock has a market capitalization of $1.20 billion, a P/E ratio of -13.82 and a beta of 1.33. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

Insiders Place Their Bets

In related news, Director Timothy J. Mayopoulos sold 42,721 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the transaction, the director now owns 387,620 shares in the company, valued at approximately $1,938,100. This trade represents a 9.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Winnie Ling sold 20,000 shares of the business's stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the transaction, the insider now directly owns 259,169 shares of the company's stock, valued at approximately $888,949.67. This trade represents a 7.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 211,838 shares of company stock worth $1,050,644 in the last quarter. Corporate insiders own 13.21% of the company's stock.

Institutional Investors Weigh In On Blend Labs

A number of large investors have recently bought and sold shares of the company. FMR LLC increased its stake in shares of Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after purchasing an additional 3,576 shares during the last quarter. ClariVest Asset Management LLC raised its stake in Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company's stock worth $595,000 after acquiring an additional 6,988 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Blend Labs in the second quarter worth about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs in the 2nd quarter valued at approximately $35,000. Finally, EP Wealth Advisors LLC boosted its stake in shares of Blend Labs by 8.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company's stock valued at $502,000 after purchasing an additional 16,084 shares in the last quarter. 52.56% of the stock is currently 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.