Blend Labs (NYSE:BLND) Trading 2.5% Higher – Still a Buy?

Blend Labs, Inc. (NYSE:BLND)’s share price rose 2.5% during trading on Friday . The company traded as high as $3.54 and last traded at $3.53. Approximately 1,105,521 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,346,390 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

A number of brokerages have weighed in on BLND. Keefe, Bruyette & Woods dropped their target price 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 dropped their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company lifted their target price on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, JMP Securities began coverage on Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Two 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 company. According to MarketBeat, Blend Labs presently has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Price Performance

The business has a fifty day moving average price of $3.65 and a 200 day moving average price of $3.97. The company has a market capitalization of $907.52 million, a price-to-earnings ratio of -10.28 and a beta of 1.40.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the sale, the insider now owns 866,759 shares of the company’s stock, valued at approximately $3,233,011.07. The trade was a 3.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 150,000 shares of company stock valued at $561,900. Company insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new stake in shares of Blend Labs during the third quarter valued at $194,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Blend Labs by 7.9% during 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 acquiring an additional 120,152 shares in the last quarter. FMR LLC raised its holdings in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after acquiring an additional 3,576 shares in the last quarter. MetLife Investment Management LLC boosted its position in Blend Labs by 110.9% during the third quarter. MetLife Investment Management LLC now owns 125,560 shares of the company’s stock valued at $471,000 after purchasing an additional 66,015 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Blend Labs in the third quarter valued at about $231,000. Institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

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.