Blend Labs (NYSE:BLND) Lifted to “Buy” at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Blend Labs (NYSE:BLND) from a hold rating to a buy rating in a research report report published on Monday morning, Marketbeat reports. The firm currently has $4.75 target price on the stock, up from their prior target price of $3.00.

Several other brokerages have also commented on BLND. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $2.65 to $3.00 and gave the stock a market perform rating in a research report on Friday, May 10th. The Goldman Sachs Group increased their target price on Blend Labs from $3.00 to $3.40 and gave the stock a buy rating in a research report on Friday, August 9th. Canaccord Genuity Group reissued a hold rating and set a $3.00 price target on shares of Blend Labs in a research report on Wednesday, May 8th. Finally, William Blair upgraded Blend Labs from a market perform rating to an outperform rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $3.93.

Blend Labs Price Performance

BLND opened at $3.57 on Monday. Blend Labs has a 12 month low of $1.03 and a 12 month high of $4.14. The business has a 50-day moving average of $2.71 and a two-hundred day moving average of $2.75. The stock has a market capitalization of $900.99 million, a price-to-earnings ratio of -6.16 and a beta of 1.10.

Insider Activity at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 81,434 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the transaction, the insider now owns 2,103,516 shares in the company, valued at $6,163,301.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 11.83% of the stock is owned by insiders.

Institutional Trading of Blend Labs

A number of hedge funds have recently made changes to their positions in the company. Truist Financial Corp purchased a new position in shares of Blend Labs in the fourth quarter valued at $255,000. Victory Capital Management Inc. boosted its position in Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after buying an additional 4,633 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Blend Labs during the fourth quarter valued at about $132,000. AMG National Trust Bank purchased a new stake in shares of Blend Labs during the fourth quarter worth about $37,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Blend Labs in the fourth quarter worth about $26,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.