Blend Labs, Inc. (NYSE:BLND) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analysts collectively rate Blend Labs “Hold.” Of eight covering firms, four recommend buying, three recommend holding, and one recommends selling; the average 12-month price target is $2.82.
• BLND opened at $1.11, near its 52-week low of $1.06 and well below its $3.86 high. Several analysts recently cut price targets to $3.00, though Canaccord Genuity and Wells Fargo maintained bullish ratings.
• Insiders sold shares under pre-arranged trading plans, while institutional investors own 52.56% of the company and insiders own 40.30%.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has been assigned an average rating of "Hold" from the eight ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $2.82.

A number of research analysts recently commented on BLND shares. The Goldman Sachs Group set a $3.00 price target on shares of Blend Labs in a report on Friday, August 7th. Canaccord Genuity Group decreased their price objective on Blend Labs from $4.50 to $3.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. Zacks Research upgraded Blend Labs from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Wells Fargo & Company lowered their price objective on Blend Labs from $4.00 to $3.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded Blend Labs from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, September 11th.

Blend Labs Stock Up 4.2%

BLND stock opened at $1.11 on Friday. Blend Labs has a 52 week low of $1.06 and a 52 week high of $3.86. The company has a fifty day simple moving average of $1.54 and a two-hundred day simple moving average of $1.60. The firm has a market capitalization of $263.71 million, a P/E ratio of -12.39 and a beta of 1.09.

Insiders Place Their Bets

In other news, insider Srinivasan Venkatramani sold 74,705 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $1.43, for a total value of $106,828.15. Following the sale, the insider owned 236,563 shares of the company's stock, valued at approximately $338,285.09. This represents a 24.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 21,009 shares of the business's stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $1.19, for a total value of $25,000.71. Following the transaction, the insider owned 7,850,361 shares of the company's stock, valued at $9,341,929.59. This trade represents a 0.27% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 40.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blend Labs

A number of large investors have recently bought and sold shares of the business. Kingsview Wealth Management LLC boosted its stake in shares of Blend Labs by 15.6% during the fourth quarter. Kingsview Wealth Management LLC now owns 98,660 shares of the company's stock valued at $300,000 after purchasing an additional 13,330 shares during the period. Chicago Partners Investment Group LLC increased its stake in Blend Labs by 25.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 67,224 shares of the company's stock worth $108,000 after buying an additional 13,428 shares during the period. Lexington Hill Partners LLC bought a new stake in Blend Labs during the 4th quarter valued at about $42,000. Essential Partners LLC lifted its holdings in Blend Labs by 21,768.1% during the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company's stock valued at $27,000 after buying an additional 15,673 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in Blend Labs by 201.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 26,519 shares of the company's stock valued at $81,000 after buying an additional 17,733 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Blend Labs Company Profile

Blend Labs, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to simplify and digitize consumer lending and banking processes, helping institutions manage applications, verification, underwriting, account opening and related workflows through online and mobile channels.

The company's product offerings support mortgage lending, consumer lending and deposit accounts. Its solutions include digital application and account-opening tools, income and asset verification, loan processing and closing capabilities, and configurable technology that financial institutions can use to create and manage digital banking experiences.

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