Blend Labs, Inc. (NYSE:BLND) Receives Consensus Rating of “Hold” from Brokerages

Blend Labs, Inc. (NYSE:BLND) has received a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $2.82.

A number of research analysts have issued reports on the stock. Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. The Goldman Sachs Group set a $3.00 price target on shares of Blend Labs in a report on Friday, August 7th. Citizens Jmp reiterated a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Wells Fargo & Company cut their price objective on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, Citigroup reissued a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st.

Insider Activity at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 21,009 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $1.19, for a total transaction of $25,000.71. Following the transaction, the insider owned 7,850,361 shares of the company’s stock, valued at $9,341,929.59. This represents a 0.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $1.43, for a total value of $106,828.15. Following the sale, the insider owned 236,563 shares in the company, valued at $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 118,237 shares of company stock valued at $156,604 over the last ninety days. 40.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Institutional investors have recently added to or reduced their stakes in the business. Capricorn Fund Managers Ltd purchased a new position in Blend Labs during the first quarter worth about $11,049,000. Irenic Capital Management LP purchased a new stake in Blend Labs in the 4th quarter valued at about $9,469,000. Royce & Associates LP increased its stake in shares of Blend Labs by 18.4% during the 4th quarter. Royce & Associates LP now owns 1,978,135 shares of the company’s stock valued at $6,014,000 after acquiring an additional 306,895 shares during the last quarter. Whetstone Capital Advisors LLC acquired a new position in shares of Blend Labs during the 4th quarter valued at about $3,560,000. Finally, Rice Hall James & Associates LLC lifted its holdings in shares of Blend Labs by 5.9% during the 4th quarter. Rice Hall James & Associates LLC now owns 882,590 shares of the company’s stock worth $2,683,000 after acquiring an additional 48,791 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Down 2.4%

BLND opened at $1.02 on Friday. The firm has a market cap of $242.42 million, a P/E ratio of -11.39 and a beta of 1.08. The business’s fifty day simple moving average is $1.47 and its 200 day simple moving average is $1.58. Blend Labs has a 52 week low of $1.01 and a 52 week high of $3.62.

About Blend Labs

Blend Labs, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to simplify and digitize consumer lending and banking processes, helping institutions manage applications, verification, underwriting, account opening and related workflows through online and mobile channels.

The company’s product offerings support mortgage lending, consumer lending and deposit accounts. Its solutions include digital application and account-opening tools, income and asset verification, loan processing and closing capabilities, and configurable technology that financial institutions can use to create and manage digital banking experiences.