Blend Labs, Inc. (NYSE:BLND) Stock Now Rated "Hold" by Sell-Side Analysts

Key Points

• Analysts have a consensus “Hold” rating on Blend Labs, with four buys, three holds and one sell among eight analysts. The average 12-month price target is $2.82, above the stock’s reported $1.03 price.
• Blend Labs shares have declined substantially, trading near the lower end of their $0.88–$3.62 one-year range, with 50-day and 200-day moving averages of $1.28 and $1.52, respectively.
• Insiders sold 167,607 shares worth about $205,707 over the past 90 days, while institutional investors and hedge funds own 52.56% of the company; insiders retain a 40.30% ownership stake.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has received a consensus rating of "Hold" from the eight research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $2.82.

Several brokerages recently weighed in on BLND. Citizens Jmp restated a "market outperform" rating and issued a $4.00 price objective on shares of Blend Labs in a report on Tuesday, July 21st. Canaccord Genuity Group lowered their target price on shares of Blend Labs from $4.50 to $3.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Blend Labs from a "hold" rating to a "buy" rating in a research report on Saturday. Citigroup reiterated a "market outperform" rating on shares of Blend Labs in a research report on Tuesday, July 21st. Finally, Zacks Research raised Blend Labs from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th.

Insiders Place Their Bets

In other Blend Labs news, insider Nima Ghamsari sold 21,009 shares of the stock in a transaction dated Monday, September 21st. The stock was 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 approximately $9,341,929.59. This represents a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $1.43, for a total value of $106,828.15. Following the completion of the transaction, the insider directly owned 236,563 shares in the company, valued at $338,285.09. The trade was a 24.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 167,607 shares of company stock valued at $205,707. 40.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

Several institutional investors have recently modified their holdings of the stock. Essential Partners LLC increased its stake in shares of Blend Labs by 21,768.1% in the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company's stock valued at $27,000 after acquiring an additional 15,673 shares during the last quarter. Caerus Investment Advisors LLC acquired a new stake in shares of Blend Labs in the 1st quarter valued at approximately $41,000. Abel Hall LLC bought a new position in Blend Labs during the 1st quarter worth approximately $48,000. Hyperion Capital Advisors LP bought a new position in Blend Labs during the 2nd quarter worth approximately $51,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Blend Labs during the second quarter valued at approximately $62,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $1.03 on Wednesday. Blend Labs has a one year low of $0.88 and a one year high of $3.62. The company has a 50 day moving average of $1.28 and a 200-day moving average of $1.52. The stock has a market cap of $244.79 million, a price-to-earnings ratio of -11.50 and a beta of 1.08.

About Blend Labs

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 digitize and streamline the process of applying for, underwriting and closing financial products, helping institutions deliver more consistent experiences across digital and physical channels.

The company's solutions support a range of lending and banking activities, including consumer deposit accounts, mortgages, home equity loans, personal loans, auto loans and credit cards.

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