Blend Labs (NYSE:BLND) Trading 2.5% Higher – Here’s Why

Shares of Blend Labs, Inc. (NYSE:BLND) were up 2.5% during trading on Friday . The stock traded as high as $3.54 and last traded at $3.53. Approximately 1,105,521 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,346,390 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

A number of research firms have recently weighed in on BLND. UBS Group cut their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods cut their target price on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group cut their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, JMP Securities began coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Trading Up 1.6 %

The stock has a fifty day simple moving average of $3.65 and a 200-day simple moving average of $3.97. The stock has a market cap of $907.52 million, a price-to-earnings ratio of -10.28 and a beta of 1.40.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 7th. The shares were 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 866,759 shares of the company’s stock, valued at $3,233,011.07. This represents a 3.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 150,000 shares of company stock worth $561,900. Insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in shares of Blend Labs by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after acquiring an additional 283,207 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Blend Labs in the third quarter valued at $676,000. Charles Schwab Investment Management Inc. lifted its position in Blend Labs by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock worth $6,161,000 after purchasing an additional 120,152 shares during the period. Barclays PLC boosted its stake in Blend Labs by 263.1% during the third quarter. Barclays PLC now owns 407,774 shares of the company’s stock worth $1,530,000 after buying an additional 295,460 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares in the last quarter. 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.