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

Key Points

• Analysts give Blend Labs a consensus “Hold” rating: Of eight covering brokerages, four rate it “Buy,” three “Hold,” and one “Sell”; the average one-year price target is $2.23.
• Canaccord Genuity lowered its price target from $3 to $2 while maintaining a “Buy” rating. Shares recently traded at $1.06, within a 52-week range of $0.85 to $3.44.
• Company insiders sold 239,072 shares worth about $281,000 over the past 90 days; insiders retain 40.3% of the company’s stock.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) has been given a consensus rating of "Hold" by the eight brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $2.23.

Several equities analysts have recently weighed in on the company. Citigroup restated a "market outperform" rating on shares of Blend Labs in a report on Tuesday, July 21st. Zacks Research raised shares of Blend Labs from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Canaccord Genuity Group reduced their price objective on shares of Blend Labs from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Friday, November 6th. Wall Street Zen cut shares of Blend Labs from a "buy" rating to a "hold" rating in a report on Sunday, October 25th. Finally, Weiss Ratings raised shares of Blend Labs from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday.

Blend Labs Price Performance

BLND traded down $0.01 during midday trading on Friday, reaching $1.06. 826,256 shares of the company's stock traded hands, compared to its average volume of 1,615,491. The firm has a fifty day moving average of $1.14 and a two-hundred day moving average of $1.54. The stock has a market capitalization of $253.76 million, a price-to-earnings ratio of -7.61 and a beta of 1.05. Blend Labs has a 52 week low of $0.85 and a 52 week high of $3.44.

Insider Activity

In other news, insider Srinivasan Venkatramani sold 74,705 shares of the business's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $1.43, for a total transaction of $106,828.15. Following the completion of the transaction, the insider directly owned 236,563 shares of the company's stock, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 27,775 shares of the firm's stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $0.92, for a total transaction of $25,553.00. Following the completion of the sale, the insider owned 7,750,693 shares in the company, valued at $7,130,637.56. This represents a 0.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 239,072 shares of company stock worth $281,085 in the last 90 days. Company insiders own 40.30% of the company's stock.

Hedge Funds Weigh In On Blend Labs

Several institutional investors and hedge funds have recently bought and sold shares of BLND. Essential Partners LLC boosted its stake in Blend Labs by 21,768.1% in the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company's stock worth $27,000 after purchasing an additional 15,673 shares during the period. Caerus Investment Advisors LLC purchased a new position in shares of Blend Labs in the first quarter worth $41,000. Hyperion Capital Advisors LP bought a new position in shares of Blend Labs during the second quarter worth $51,000. Sequoia Financial Advisors LLC bought a new position in shares of Blend Labs during the second quarter worth $62,000. Finally, AXQ Capital LP bought a new stake in Blend Labs in the 2nd quarter valued at $68,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Company Profile

Blend Labs, Inc. is a financial technology company that provides cloud-based software to banks, credit unions and other financial services providers. Its platform helps institutions digitize customer experiences and streamline processes across lending and banking. Blend's products support mortgage applications and processing, as well as consumer banking services such as opening accounts and applying for loans. The company's software is designed to connect customer-facing digital applications with financial institutions' internal workflows.

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