Blend Labs (NYSE:BLND) Stock Price Up 7.1% – Here’s What Happened

Shares of Blend Labs, Inc. (NYSE:BLND) shot up 7.1% during trading on Wednesday . The stock traded as high as $3.56 and last traded at $3.56. 1,680,219 shares traded hands during trading, a decline of 50% from the average session volume of 3,369,395 shares. The stock had previously closed at $3.32.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BLND shares. Wells Fargo & Company upped their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. UBS Group reduced their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. JMP Securities began coverage on Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target on the stock. Keefe, Bruyette & Woods cut their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Finally, Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Price Performance

The business has a 50-day moving average of $3.67 and a 200-day moving average of $3.98. The firm has a market cap of $948.22 million, a price-to-earnings ratio of -10.90 and a beta of 1.40.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $4.27, for a total value of $128,100.00. Following the completion of the transaction, the insider now owns 896,759 shares of the company’s stock, valued at $3,829,160.93. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 184,247 shares of company stock worth $731,959 in the last 90 days. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently bought and sold shares of the company. JPL Wealth Management LLC bought a new stake in Blend Labs in the fourth quarter valued at approximately $42,000. Balyasny Asset Management L.P. bought a new stake in Blend Labs in the 4th quarter valued at $46,000. Olympiad Research LP acquired a new stake in Blend Labs during the 4th quarter valued at $47,000. Trellis Wealth Advisors LLC bought a new position in Blend Labs during the fourth quarter worth $57,000. Finally, BBR Partners LLC bought a new position in Blend Labs during the fourth quarter worth $60,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.