Canaccord Genuity Group Reiterates Buy Rating for Blend Labs (NYSE:BLND)

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

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

Blend Labs Stock Performance

NYSE BLND opened at $4.43 on Friday. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -13.03 and a beta of 1.33. Blend Labs has a one year low of $2.08 and a one year high of $5.53. The company’s 50 day moving average price is $4.43 and its 200 day moving average price is $3.60.

Insider Buying and Selling at Blend Labs

In other news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction that occurred on Thursday, October 10th. The stock was 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 in the company, valued at approximately $888,949.67. This trade represents a 7.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the sale, the director now directly owns 331,130 shares in the company, valued at approximately $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. 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 owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dark Forest Capital Management LP bought a new position in Blend Labs in the second quarter worth about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs during the 2nd quarter worth approximately $35,000. Virtu Financial LLC acquired a new stake in shares of Blend Labs during the 3rd quarter worth approximately $63,000. RiverPark Advisors LLC bought a new stake in shares of Blend Labs in the 3rd quarter worth approximately $77,000. Finally, FMR LLC boosted its position in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the period. 52.56% of the stock is 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.