Blend Labs (NYSE:BLND) Stock Crosses Above 50 Day Moving Average Following Insider Selling

Blend Labs, Inc. (NYSE:BLND) passed above its 50-day moving average during trading on Wednesday after an insider bought additional shares in the company. The stock has a 50-day moving average of $1.21 and traded as high as $1.30. Blend Labs shares last traded at $1.2750, with a volume of 2,566,197 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Canaccord Genuity Group cut their target price on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Wells Fargo & Company decreased their price objective on Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Wall Street Zen downgraded shares of Blend Labs from a “buy” rating to a “hold” rating in a report on Sunday, October 25th. Finally, Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.82.

Blend Labs Stock Up 9.9%

The stock has a 50 day simple moving average of $1.21 and a 200 day simple moving average of $1.61. The company has a market cap of $301.55 million, a price-to-earnings ratio of -14.17 and a beta of 1.05.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of the stock. Irenic Capital Management LP lifted its position in Blend Labs by 3.6% during the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock worth $3,906,000 after acquiring an additional 79,901 shares in the last quarter. Rice Hall James & Associates LLC grew its position in Blend Labs by 14.0% in the first quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock valued at $1,711,000 after acquiring an additional 123,699 shares in the last quarter. Bank of America Corp DE grew its position in Blend Labs by 6.8% in the first quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after acquiring an additional 21,713 shares in the last quarter. Sei Investments Co. raised its stake in shares of Blend Labs by 99.0% during the first quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock valued at $440,000 after purchasing an additional 128,677 shares during the period. Finally, State of Wyoming purchased a new stake in shares of Blend Labs during the third quarter valued at approximately $225,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.