Blend Labs, Inc. (NYSE:BLND) Receives $4.91 Average Target Price from Brokerages

Shares of Blend Labs, Inc. (NYSE:BLND) have been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research 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 company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $4.91.

A number of research firms have recently commented on BLND. Keefe, Bruyette & Woods lowered their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a report on Monday, March 3rd. UBS Group reduced their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Finally, Canaccord Genuity Group dropped their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th.

Blend Labs Trading Down 2.6 %

NYSE BLND opened at $3.03 on Friday. The firm’s 50 day simple moving average is $3.42 and its 200 day simple moving average is $3.91. The firm has a market capitalization of $786.78 million, a price-to-earnings ratio of -8.91 and a beta of 1.29. Blend Labs has a 1 year low of $2.08 and a 1 year high of $5.53.

Insider Activity

In other news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the sale, the insider now directly owns 776,759 shares of the company’s stock, valued at $2,897,311.07. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLND. Merit Financial Group LLC purchased a new position in shares of Blend Labs in the 1st quarter worth about $36,000. JPL Wealth Management LLC bought a new position in shares of Blend Labs during the 4th quarter valued at approximately $42,000. Balyasny Asset Management L.P. purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $46,000. Olympiad Research LP purchased a new position in Blend Labs in the fourth quarter valued at approximately $47,000. Finally, Pallas Capital Advisors LLC bought a new position in Blend Labs during the first quarter valued at $51,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

About Blend Labs

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.