Blend Labs (NYSE:BLND) Given “Buy” Rating at Canaccord Genuity Group

Blend Labs (NYSE:BLND)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a research note issued to investors on Friday,Benzinga reports. They presently have a $5.75 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 29.80% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company increased their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. JMP Securities assumed coverage on shares of Blend Labs in a research report on Wednesday. They issued an “outperform” rating and a $7.00 target price for the company. Keefe, Bruyette & Woods boosted their price target on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. UBS Group upped their price target on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Finally, The Goldman Sachs Group raised their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Trading Down 5.7 %

Shares of NYSE BLND opened at $4.43 on Friday. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53. The company has a market cap of $1.13 billion, a PE ratio of -13.03 and a beta of 1.33. The stock has a 50 day simple moving average of $4.43 and a 200-day simple moving average of $3.60.

Insider Buying and Selling

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $5.05, for a total value of $151,500.00. Following the completion of the transaction, the insider now directly owns 907,439 shares in the company, valued at $4,582,566.95. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,838 shares of company stock worth $1,050,644 in the last ninety days. 13.21% of the stock is currently owned by corporate insiders.

Institutional Trading of Blend Labs

A number of hedge funds have recently bought and sold shares of the company. ShawSpring Partners LLC raised its holdings in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after acquiring an additional 2,485,283 shares during the period. Principal Financial Group Inc. grew its position in Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares in the last quarter. State Street Corp raised its stake in Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after purchasing an additional 1,995,362 shares during the period. Summit Partners Public Asset Management LLC lifted its holdings in shares of Blend Labs by 452.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after purchasing an additional 1,552,865 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP acquired a new stake in shares of Blend Labs in the third quarter worth $3,253,000. 52.56% of the stock is 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.