Blend Labs (NYSE:BLND) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Blend Labs (NYSE:BLND) from a hold rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

BLND has been the topic of several other research reports. Citigroup reiterated a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Citizens Jmp reissued a “market outperform” rating and issued a $4.00 target price on shares of Blend Labs in a research note on Tuesday, July 21st. Weiss Ratings cut Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Wells Fargo & Company dropped their target price on Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Canaccord Genuity Group reduced their price target on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.82.

Blend Labs Stock Up 9.5%

Blend Labs stock opened at $0.99 on Friday. The company has a market capitalization of $233.20 million, a PE ratio of -10.95 and a beta of 1.08. The firm has a fifty day simple moving average of $1.29 and a two-hundred day simple moving average of $1.53. Blend Labs has a twelve month low of $0.88 and a twelve month high of $3.62.

Insiders Place Their Bets

In other Blend Labs news, insider Srinivasan Venkatramani sold 74,705 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were 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 of the company’s stock, valued at $338,285.09. This trade represents a 24.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 21,009 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $1.19, for a total transaction of $25,000.71. Following the completion of the transaction, the insider owned 7,850,361 shares in the company, valued at $9,341,929.59. The trade was a 0.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 167,607 shares of company stock valued at $205,707 over the last quarter. 40.30% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

A number of institutional investors have recently modified their holdings of BLND. Capricorn Fund Managers Ltd purchased a new position in Blend Labs during the 1st quarter valued at about $11,049,000. Irenic Capital Management LP raised 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 valued at $3,906,000 after purchasing an additional 79,901 shares during the last quarter. Rice Hall James & Associates LLC raised its position in Blend Labs by 14.0% during the 1st quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock valued at $1,711,000 after purchasing an additional 123,699 shares during the last quarter. Bank of America Corp DE raised its position in Blend Labs by 6.8% during the 1st quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after purchasing an additional 21,713 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Blend Labs by 99.0% in the 1st quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock worth $440,000 after buying an additional 128,677 shares during the period. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Company Profile

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 digitize and streamline the process of applying for, underwriting and closing financial products, helping institutions deliver more consistent experiences across digital and physical channels.

The company’s solutions support a range of lending and banking activities, including consumer deposit accounts, mortgages, home equity loans, personal loans, auto loans and credit cards.