Blend Labs (NYSE:BLND) Trading 4.6% Higher – Time to Buy?

Blend Labs, Inc. (NYSE:BLND)’s stock price traded up 4.6% on Thursday . The company traded as high as $3.62 and last traded at $3.71. 84,736 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 2,697,280 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

Several analysts have issued reports on BLND shares. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Keefe, Bruyette & Woods cut their price target on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Canaccord Genuity Group decreased 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. UBS Group cut their target price 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, JMP Securities initiated coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Trading Down 1.7 %

The business’s 50-day simple moving average is $3.64 and its 200-day simple moving average is $3.97. The company has a market cap of $935.42 million, a PE ratio of -10.75 and a beta of 1.40.

Insider Buying and Selling

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the transaction, 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 SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 154,247 shares of company stock worth $580,459. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Large investors have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in Blend Labs during the third quarter valued at approximately $314,000. Intech Investment Management LLC bought a new position in shares of Blend Labs during the 3rd quarter valued at $194,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Blend Labs by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock valued at $6,161,000 after purchasing an additional 120,152 shares during the last quarter. Advantage Alpha Capital Partners LP acquired a new position in Blend Labs during the third quarter worth $3,253,000. Finally, FMR LLC raised its holdings in Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after buying an additional 3,576 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.