Blend Labs (NYSE:BLND) Price Target Raised to $6.50

Blend Labs (NYSE:BLND) had its price objective raised by Wells Fargo & Company from $4.50 to $6.50 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also commented on BLND. Canaccord Genuity Group boosted their price target on shares of Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods boosted their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. UBS Group increased their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Blend Labs currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.79.

Blend Labs Price Performance

Shares of BLND opened at $5.35 on Thursday. Blend Labs has a 12-month low of $1.52 and a 12-month high of $5.53. The business’s fifty day moving average price is $4.18 and its 200 day moving average price is $3.47. The stock has a market capitalization of $1.37 billion, a PE ratio of -15.73 and a beta of 1.33.

Insiders Place Their Bets

In related news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total transaction of $213,605.00. Following the completion of the sale, the director now directly owns 387,620 shares of the company’s stock, valued at $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Winnie Ling sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total transaction of $40,600.00. Following the completion of the transaction, the insider now directly owns 279,169 shares in the company, valued at approximately $1,133,426.14. The trade was a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,348 shares of company stock valued at $501,449. 13.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Advantage Alpha Capital Partners LP acquired a new position in Blend Labs in the third quarter valued at about $3,253,000. SG Americas Securities LLC acquired a new stake in shares of Blend Labs in the 3rd quarter valued at approximately $660,000. Fullcircle Wealth LLC bought a new position in Blend Labs during the 3rd quarter worth approximately $508,000. ShawSpring Partners LLC increased its stake in Blend Labs by 58.7% in the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after purchasing an additional 2,485,283 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Blend Labs in the second quarter worth $809,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

About Blend Labs

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.