Blend Labs (NYSE:BLND) Trading 6.8% Higher - Should You Buy?

Key Points

• Blend Labs' share price increased by 6.8% to $3.54, although trading volume decreased significantly, down 63% from the average session.
• Analysts have mixed ratings on Blend Labs, with an average consensus rating of "Moderate Buy" and a target price of $4.90, reflecting recent upgrades and downgrades.
• Insider transactions showed significant sales, with insiders selling 224,850 shares worth $763,164 over the last 90 days, indicating changes in insider ownership levels.

Blend Labs, Inc. (NYSE:BLND - Get Free Report)'s share price traded up 6.8% on Friday . The company traded as high as $3.60 and last traded at $3.54. 1,038,000 shares were traded during trading, a decline of 63% from the average session volume of 2,776,616 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of 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 decreased their price target on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research note on Monday, May 12th. Canaccord Genuity Group reissued a "buy" rating and issued a $5.25 price target on shares of Blend Labs in a research note on Monday, May 12th. Wells Fargo & Company decreased their price target on shares of Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, JMP Securities reissued a "market outperform" rating and issued a $7.00 price target on shares of Blend Labs in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Blend Labs presently has an average rating of "Moderate Buy" and a consensus target price of $4.90.

Blend Labs Stock Up 7.1%

The firm has a market cap of $920.50 million, a PE ratio of -17.67 and a beta of 1.24. The stock's fifty day simple moving average is $3.47 and its two-hundred day simple moving average is $3.49.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 75,720 shares of the company's stock in a transaction dated 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 owned 6,065,937 shares in the company, valued at approximately $20,017,592.10. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Kneafsey sold 25,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $3.63, for a total transaction of $90,750.00. Following the completion of the sale, the insider owned 721,598 shares in the company, valued at approximately $2,619,400.74. This trade represents a 3.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 224,850 shares of company stock worth $763,164. Corporate insiders own 35.52% of the company's stock.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds and other institutional investors have recently bought and sold shares of BLND. Brighton Jones LLC purchased a new stake in shares of Blend Labs during the second quarter valued at approximately $79,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Blend Labs during the second quarter valued at approximately $44,000. Huntleigh Advisors Inc. grew its holdings in shares of Blend Labs by 5.7% during the second quarter. Huntleigh Advisors Inc. now owns 162,565 shares of the company's stock valued at $536,000 after buying an additional 8,830 shares during the last quarter. Carmel Capital Partners LLC purchased a new stake in shares of Blend Labs during the second quarter valued at approximately $65,000. Finally, CWM LLC grew its holdings in shares of Blend Labs by 69.0% during the second quarter. CWM LLC now owns 65,339 shares of the company's stock valued at $216,000 after buying an additional 26,678 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

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.

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