Blend Labs (NYSE:BLND) Shares Up 4.6% – What’s Next?

Blend Labs, Inc. (NYSE:BLND) traded up 4.6% during mid-day trading on Thursday . The stock traded as high as $3.62 and last traded at $3.71. 84,736 shares were traded 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.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BLND shares. JMP Securities initiated coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Canaccord Genuity Group lowered their price target on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research report on Friday, February 28th. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. UBS Group decreased their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, February 28th. Finally, Wells Fargo & Company lifted their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Two investment 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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 capitalization of $935.42 million, a P/E ratio of -10.75 and a beta of 1.40.

Insider Activity 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 stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the transaction, the insider now directly owns 866,759 shares of the company’s stock, valued at approximately $3,233,011.07. This trade represents a 3.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 154,247 shares of company stock worth $580,459 over the last quarter. 13.21% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Blend Labs by 6.3% during the third 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 3rd quarter worth approximately $676,000. Advantage Alpha Capital Partners LP bought a new stake in shares of Blend Labs in the 3rd quarter worth approximately $3,253,000. Charles Schwab Investment Management Inc. lifted its stake in Blend Labs by 7.9% during the third 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. Finally, Barclays PLC grew its position in Blend Labs by 263.1% in 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 during 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.