Citizens Jmp Upgrades Blend Labs (NYSE:BLND) to Strong-Buy

Blend Labs (NYSE:BLND) was upgraded by research analysts at Citizens Jmp to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a research note on Thursday, November 7th. UBS Group raised their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upped their target price on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, JMP Securities initiated coverage on Blend Labs in a research note on Wednesday. They set an “outperform” rating and a $7.00 price target on the stock. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Trading Down 5.7 %

BLND stock opened at $4.43 on Wednesday. The stock has a market cap of $1.13 billion, a PE ratio of -13.03 and a beta of 1.33. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The company has a 50-day moving average price of $4.43 and a 200 day moving average price of $3.60.

Insider Transactions at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. This represents a 14.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Winnie Ling sold 10,000 shares of Blend Labs 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 sale, the insider now owns 279,169 shares of the company’s stock, 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. Over the last ninety days, insiders sold 211,838 shares of company stock worth $1,050,644. Company insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BLND. Bank of New York Mellon Corp grew its position in shares of Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after acquiring an additional 638,102 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Blend Labs during the 2nd quarter valued at approximately $809,000. Rhumbline Advisers grew its stake in Blend Labs by 4,370.6% in the 2nd quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock valued at $645,000 after acquiring an additional 267,307 shares during the period. Acadian Asset Management LLC increased its holdings in Blend Labs by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after acquiring an additional 62,000 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its position in Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after acquiring an additional 6,988 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 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.