Blend Labs (NYSE:BLND) Shares Up 6.3% – Here’s Why

Blend Labs, Inc. (NYSE:BLND)’s share price rose 6.3% during mid-day trading on Monday . The company traded as high as $3.33 and last traded at $3.3060. 1,296,376 shares traded hands during trading, a decline of 58% from the average daily volume of 3,114,604 shares. The stock had previously closed at $3.11.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BLND shares. UBS Group reduced their price target on Blend Labs from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Blend Labs in a research note on Wednesday, October 8th. Wall Street Zen raised Blend Labs from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.25 price target on shares of Blend Labs in a report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.80.

Blend Labs Trading Up 3.7%

The firm has a market capitalization of $837.69 million, a PE ratio of -32.25 and a beta of 1.23. The company has a fifty day moving average price of $3.24 and a two-hundred day moving average price of $3.44.

Insider Buying and Selling

In other Blend Labs news, insider Brian Kneafsey sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $3.34, for a total transaction of $83,500.00. Following the transaction, the insider directly owned 687,909 shares of the company’s stock, valued at approximately $2,297,616.06. This trade represents a 3.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 35.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Blend Labs during the third quarter worth about $32,000. Captrust Financial Advisors acquired a new stake in Blend Labs during the 2nd quarter worth approximately $35,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Blend Labs in the 2nd quarter valued at approximately $37,000. Savvy Advisors Inc. purchased a new position in shares of Blend Labs in the 3rd quarter valued at approximately $37,000. Finally, Jump Financial LLC acquired a new position in shares of Blend Labs in the second quarter valued at approximately $38,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.