Brokerages Set Blend Labs, Inc. (NYSE:BLND) Price Target at $4.90

Shares of Blend Labs, Inc. (NYSE:BLND - Get Free Report) have earned a consensus rating of "Moderate Buy" from the nine research firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $4.90.

Several analysts recently commented on BLND shares. JMP Securities reaffirmed a "market outperform" rating and set a $7.00 target price on shares of Blend Labs in a report on Wednesday, May 28th. Keefe, Bruyette & Woods raised their target price on Blend Labs from $3.50 to $4.00 and gave the stock a "market perform" rating in a report on Monday, May 19th. The Goldman Sachs Group dropped their target price on Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a report on Monday, May 12th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.25 target price on shares of Blend Labs in a report on Monday, May 12th. Finally, Wells Fargo & Company dropped their target price on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd.

Insider Buying and Selling

In other Blend Labs news, insider Brian Kneafsey sold 20,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $3.31, for a total transaction of $66,200.00. Following the transaction, the insider owned 786,598 shares in the company, valued at approximately $2,603,639.38. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the transaction, the insider owned 6,065,937 shares in the company, valued at $20,017,592.10. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 159,850 shares of company stock worth $534,814 in the last quarter. 35.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BLND. JPL Wealth Management LLC purchased a new position in Blend Labs in the 4th quarter worth approximately $42,000. Merit Financial Group LLC purchased a new stake in shares of Blend Labs in the first quarter valued at approximately $36,000. Balyasny Asset Management L.P. acquired a new stake in shares of Blend Labs in the fourth quarter valued at approximately $46,000. Crescent Park Management L.P. purchased a new position in Blend Labs during the first quarter worth approximately $43,000. Finally, BBR Partners LLC purchased a new position in Blend Labs during the fourth quarter worth approximately $60,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Blend Labs Stock Performance

Blend Labs stock traded up $0.10 during midday trading on Thursday, hitting $3.52. 1,034,229 shares of the company were exchanged, compared to its average volume of 2,906,277. The firm has a market capitalization of $913.74 million, a PE ratio of -17.59 and a beta of 1.24. Blend Labs has a fifty-two week low of $2.27 and a fifty-two week high of $5.53. The business has a fifty day simple moving average of $3.45 and a two-hundred day simple moving average of $3.56.

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.