Canaccord Genuity Group Lowers Blend Labs (NYSE:BLND) Price Target to $3.00

Blend Labs (NYSE:BLND) had its price objective dropped by analysts at Canaccord Genuity Group from $4.50 to $3.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 92.93% from the stock’s previous close.

BLND has been the subject of several other reports. The Goldman Sachs Group set a $3.00 target price on shares of Blend Labs in a research report on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Blend Labs in a research report on Tuesday, July 21st. Weiss Ratings downgraded Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods dropped their target price on Blend Labs from $2.25 to $1.90 and set a “market perform” rating on the stock in a report on Friday, May 8th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.82.

Blend Labs Trading Up 11.1%

NYSE BLND traded up $0.15 during mid-day trading on Thursday, hitting $1.55. The company’s stock had a trading volume of 4,204,711 shares, compared to its average volume of 3,507,517. The firm has a market capitalization of $376.50 million, a price-to-earnings ratio of -17.28 and a beta of 1.09. The company’s 50 day simple moving average is $1.73 and its 200 day simple moving average is $1.72. Blend Labs has a twelve month low of $1.18 and a twelve month high of $4.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLND. Capricorn Fund Managers Ltd bought a new position in Blend Labs during the first quarter valued at about $11,049,000. Irenic Capital Management LP purchased a new position in Blend Labs in the fourth quarter valued at about $9,469,000. Park West Asset Management LLC purchased a new position in Blend Labs in the third quarter valued at about $6,205,000. Potrero Capital Research LLC bought a new position in shares of Blend Labs during the 4th quarter valued at approximately $5,050,000. Finally, Marshall Wace LLP increased its stake in shares of Blend Labs by 157.6% during the 2nd quarter. Marshall Wace LLP now owns 2,522,141 shares of the company’s stock worth $8,323,000 after purchasing an additional 1,543,220 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Company Profile

Blend Labs, Inc operates as a financial technology company that offers a digital consumer banking platform designed to simplify and automate the lending and account opening processes for banks and credit unions. Its cloud-native software enables financial institutions to deliver a more seamless customer experience by consolidating multiple steps—such as application intake, identity verification, document collection and underwriting—into a unified digital workflow. Blend’s platform is built to integrate with existing core banking systems and third-party data providers, allowing clients to accelerate loan origination and deposit account opening while maintaining compliance and security standards.

The company’s product suite includes solutions for mortgage origination, home equity lending, consumer personal lending and deposit account opening.