Blend Labs (NYSE:BLND) Coverage Initiated at JMP Securities

JMP Securities began coverage on shares of Blend Labs (NYSE:BLND) in a report issued on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $7.00 price target on the stock. JMP Securities’ price target indicates a potential upside of 38.89% from the company’s current price.

BLND has been the subject of several other research reports. UBS Group boosted their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Canaccord Genuity Group lifted their target price on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods increased their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Stock Down 0.4 %

NYSE BLND opened at $5.04 on Wednesday. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The business has a fifty day moving average of $4.38 and a 200-day moving average of $3.58. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -14.82 and a beta of 1.33.

Insider Activity at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the transaction, the insider now owns 259,169 shares of the company’s stock, valued at $888,949.67. The trade was a 7.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Oxana Tkach sold 18,324 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.18, for a total transaction of $94,918.32. Following the sale, the insider now directly owns 88,677 shares in the company, valued at $459,346.86. This trade represents a 17.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 181,838 shares of company stock valued at $899,144. Corporate insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in shares of Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after acquiring an additional 638,102 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Blend Labs during the 2nd quarter valued at about $809,000. Rhumbline Advisers grew its position in Blend Labs by 4,370.6% in the 2nd quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after purchasing an additional 267,307 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Blend Labs by 8.6% in the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock valued at $1,840,000 after purchasing an additional 62,000 shares during the period. Finally, ClariVest Asset Management LLC raised its holdings in shares of Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after buying an additional 6,988 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Company Profile

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.