Blend Labs, Inc. (NYSE:BLND) Stock Now Rated “Hold” by Wall Street Analysts

Blend Labs, Inc. (NYSE:BLND) has received an average recommendation of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $2.23.

BLND has been the subject of a number of recent research reports. Wells Fargo & Company dropped their target price on Blend Labs from $3.00 to $2.00 and set an “overweight” rating for the company in a report on Friday, November 6th. The Goldman Sachs Group set a $3.00 target price on Blend Labs in a research report on Friday, August 7th. Wall Street Zen lowered Blend Labs from a “buy” rating to a “hold” rating in a report on Sunday, October 25th. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Canaccord Genuity Group lowered their price target on Blend Labs from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, November 6th.

Blend Labs Price Performance

Shares of NYSE BLND traded down $0.01 during midday trading on Friday, reaching $1.06. 826,256 shares of the stock traded hands, compared to its average volume of 1,615,491. The stock has a market capitalization of $253.76 million, a PE ratio of -7.61 and a beta of 1.05. Blend Labs has a one year low of $0.85 and a one year high of $3.44. The company’s 50 day moving average is $1.14 and its 200 day moving average is $1.54.

Insiders Place Their Bets

In other Blend Labs news, insider Srinivasan Venkatramani sold 74,705 shares of the company’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 completion of the sale, the insider directly owned 236,563 shares in the company, valued at approximately $338,285.09. This represents a 24.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 22,322 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $1.16, for a total transaction of $25,893.52. Following the completion of the sale, the insider directly owned 7,707,003 shares of the company’s stock, valued at approximately $8,940,123.48. This trade represents a 0.29% decrease in their ownership of the stock. 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 have sold 239,072 shares of company stock valued at $281,085 over the last three months. Insiders own 40.30% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in BLND. Chicago Partners Investment Group LLC lifted its position in shares of Blend Labs by 25.0% during the 1st quarter. Chicago Partners Investment Group LLC now owns 67,224 shares of the company’s stock worth $108,000 after buying an additional 13,428 shares during the last quarter. Essential Partners LLC grew its position in Blend Labs by 21,768.1% in the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after acquiring an additional 15,673 shares during 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 during the last quarter. Caerus Investment Advisors LLC bought a new position in Blend Labs in the first quarter valued at about $41,000. Finally, Russell Investments Group Ltd. raised its stake in Blend Labs by 15.8% during the third quarter. Russell Investments Group Ltd. now owns 185,412 shares of the company’s stock worth $191,000 after acquiring an additional 25,276 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc. is a financial technology company that provides cloud-based software to banks, credit unions and other financial services providers. Its platform helps institutions digitize customer experiences and streamline processes across lending and banking. Blend’s products support mortgage applications and processing, as well as consumer banking services such as opening accounts and applying for loans. The company’s software is designed to connect customer-facing digital applications with financial institutions’ internal workflows.