Blend Labs (NYSE:BLND) Upgraded by Canaccord Genuity Group to Buy

Canaccord Genuity Group upgraded shares of Blend Labs (NYSE:BLND) from a hold rating to a buy rating in a research note released on Monday, MarketBeat.com reports. Canaccord Genuity Group currently has $4.75 price objective on the stock, up from their previous price objective of $3.00.

Several other research firms have also recently weighed in on BLND. Keefe, Bruyette & Woods upped their target price on Blend Labs from $2.65 to $3.00 and gave the stock a market perform rating in a research note on Friday, May 10th. William Blair upgraded Blend Labs from a market perform rating to an outperform rating in a research note on Friday, August 9th. Canaccord Genuity Group upgraded Blend Labs from a hold rating to a buy rating and upped their target price for the stock from $3.00 to $4.75 in a research note on Monday. Finally, The Goldman Sachs Group upped their target price on Blend Labs from $3.00 to $3.40 and gave the stock a buy rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $3.93.

Blend Labs Price Performance

NYSE BLND opened at $4.03 on Monday. The business has a fifty day moving average price of $2.74 and a two-hundred day moving average price of $2.76. Blend Labs has a fifty-two week low of $1.03 and a fifty-two week high of $4.22. The stock has a market capitalization of $1.02 billion, a PE ratio of -6.94 and a beta of 1.10.

Insider Activity at Blend Labs

In related news, insider Nima Ghamsari sold 81,434 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total value of $238,601.62. Following the completion of the sale, the insider now directly owns 2,103,516 shares in the company, valued at $6,163,301.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.83% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Formation8 GP LLC acquired a new stake in Blend Labs during the 4th quarter worth about $41,362,000. ShawSpring Partners LLC grew its holdings in Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after acquiring an additional 2,485,283 shares during the period. Acadian Asset Management LLC grew its holdings in Blend Labs by 2,656.9% during the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock worth $2,332,000 after acquiring an additional 692,220 shares during the period. Bank of New York Mellon Corp grew its holdings in Blend Labs by 3,799.4% during the 2nd 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 period. Finally, Lake Street Advisors Group LLC acquired a new stake in Blend Labs during the 1st quarter worth about $1,538,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.