Blend Labs (NYSE:BLND) Stock Crosses Above 50 Day Moving Average Following Insider Selling

Key Points

• Blend Labs shares rose above their 50-day moving average of $1.21, reaching $1.30 and last trading at $1.275. The article’s headline says “insider selling,” but its opening says an insider bought additional shares.
• Analysts’ consensus rating is Hold, with an average price target of $2.82; ratings cited include four Buys, three Holds, and one Sell.
• Institutional investors and hedge funds own 52.56% of Blend Labs, whose market capitalization is approximately $301.6 million.

Blend Labs, Inc. (NYSE:BLND - Get Free Report)'s share price crossed above its 50 day moving average during trading on Wednesday after an insider bought additional shares in the company. The stock has a 50 day moving average of $1.21 and traded as high as $1.30. Blend Labs shares last traded at $1.2750, with a volume of 2,566,197 shares trading hands.

Analysts Set New Price Targets

Several research analysts have weighed in on BLND shares. Wall Street Zen lowered shares of Blend Labs from a "buy" rating to a "hold" rating in a research report on Sunday, October 25th. Canaccord Genuity Group reduced their price target on shares of Blend Labs from $4.50 to $3.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Zacks Research raised Blend Labs from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Citizens Jmp restated a "market outperform" rating and issued a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Finally, Wells Fargo & Company lowered their price target on Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.82.

Blend Labs Stock Performance

The firm has a market capitalization of $301.55 million, a PE ratio of -14.17 and a beta of 1.05. The firm's 50-day moving average is $1.21 and its 200 day moving average is $1.61.

Institutional Trading of Blend Labs

Institutional investors and hedge funds have recently modified their holdings of the business. State of Wyoming purchased a new position in shares of Blend Labs during the 3rd quarter worth approximately $225,000. Sequoia Financial Advisors LLC purchased a new stake in Blend Labs in the 2nd quarter valued at approximately $62,000. Squarepoint Ops LLC acquired a new stake in Blend Labs during the 2nd quarter valued at $212,000. Irenic Capital Management LP grew its holdings in Blend Labs by 3.6% during the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company's stock valued at $3,906,000 after buying an additional 79,901 shares during the last quarter. Finally, AXQ Capital LP purchased a new position in Blend Labs during the second quarter worth $68,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company's solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.

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