Blend Labs, Inc. (NYSE:BLND) Stock Has Consensus Target Price of $2.82

Blend Labs, Inc. (NYSE:BLND) has earned an average recommendation of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $2.82.

Several research analysts have recently commented on the company. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Citizens Jmp reissued a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a research report on Tuesday, July 21st. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research note on Friday, August 7th. Wells Fargo & Company lowered their target price on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Blend Labs from a “hold” rating to a “buy” rating in a research note on Saturday, October 17th.

Insider Activity

In related news, insider Nima Ghamsari sold 27,775 shares of the stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $0.92, for a total transaction of $25,553.00. Following the sale, the insider owned 7,750,693 shares in the company, valued at $7,130,637.56. This represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the sale, the insider owned 236,563 shares in the company, valued at approximately $338,285.09. This trade represents a 24.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 195,382 shares of company stock valued at $231,260 over the last ninety days. Company insiders own 40.30% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capricorn Fund Managers Ltd bought a new stake in Blend Labs in the first quarter valued at $11,049,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Blend Labs by 248.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 30,645 shares of the company’s stock valued at $93,000 after acquiring an additional 21,859 shares during the period. AXQ Capital LP bought a new position in shares of Blend Labs during the second quarter worth about $68,000. Hyperion Capital Advisors LP bought a new position in shares of Blend Labs during the second quarter worth about $51,000. Finally, Westmount Partners LLC bought a new position in shares of Blend Labs during the second quarter worth about $77,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Up 5.9%

Shares of Blend Labs stock opened at $1.18 on Wednesday. The business has a 50-day moving average price of $1.26 and a 200 day moving average price of $1.51. Blend Labs has a fifty-two week low of $0.88 and a fifty-two week high of $3.62. The firm has a market cap of $277.90 million, a P/E ratio of -13.05 and a beta of 1.08.

Blend Labs Company Profile

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.