Blend Labs, Inc. (NYSE:BLND) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Blend Labs, Inc. (NYSE:BLND - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $4.90.

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

Insider Buying and Selling at Blend Labs

In other news, insider Brian Kneafsey sold 20,000 shares of the business's stock in a transaction 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 sale, the insider directly owned 786,598 shares of the company's stock, valued at $2,603,639.38. The trade was a 2.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nima Ghamsari sold 75,720 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $3.30, for a total value of $249,876.00. Following the sale, the insider directly owned 6,065,937 shares of the company's stock, valued at approximately $20,017,592.10. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,850 shares of company stock worth $534,814 in the last ninety days. 35.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of BLND. Revolve Wealth Partners LLC purchased a new stake in Blend Labs during the fourth quarter valued at about $132,000. Rhumbline Advisers raised its holdings in shares of Blend Labs by 7.1% during the fourth quarter. Rhumbline Advisers now owns 292,743 shares of the company's stock valued at $1,232,000 after acquiring an additional 19,336 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Blend Labs by 10.6% during the fourth quarter. Bank of New York Mellon Corp now owns 637,328 shares of the company's stock valued at $2,683,000 after acquiring an additional 60,858 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter valued at approximately $74,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Blend Labs by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,841,176 shares of the company's stock worth $7,751,000 after purchasing an additional 198,125 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Blend Labs Price Performance

BLND stock opened at $3.43 on Thursday. The company has a 50-day simple moving average of $3.44 and a 200 day simple moving average of $3.59. The company has a market capitalization of $890.63 million, a P/E ratio of -17.15 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.

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.

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