Blend Labs, Inc. (NYSE:BLND) Stock Has Consensus Target Price of $2.82

Shares of Blend Labs, Inc. (NYSE:BLND) have received an average rating of “Hold” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $2.82.

A number of brokerages have recently issued reports on BLND. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Weiss Ratings cut Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Zacks Research raised shares of Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Wells Fargo & Company dropped their target price on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, The Goldman Sachs Group set a $3.00 price target on shares of Blend Labs in a report on Friday, August 7th.

Blend Labs Stock Performance

Shares of Blend Labs stock opened at $1.04 on Friday. Blend Labs has a twelve month low of $1.02 and a twelve month high of $3.86. The firm has a market cap of $247.15 million, a P/E ratio of -11.61 and a beta of 1.09. The firm’s 50-day simple moving average is $1.49 and its 200-day simple moving average is $1.59.

Insider Activity

In related news, insider Srinivasan Venkatramani sold 74,705 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $1.43, for a total transaction of $106,828.15. Following the completion of the sale, the insider directly owned 236,563 shares of the company’s stock, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 21,009 shares of Blend Labs stock in a transaction on Monday, September 21st. The stock was sold at an average price of $1.19, for a total transaction of $25,000.71. Following the transaction, the insider directly owned 7,850,361 shares in the company, valued at approximately $9,341,929.59. This represents a 0.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 118,237 shares of company stock worth $156,604. 40.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLND. Essential Partners LLC raised its position in shares of Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock worth $27,000 after purchasing an additional 15,673 shares during the period. Caerus Investment Advisors LLC bought a new position in shares of Blend Labs during the 1st quarter valued at about $41,000. Lexington Hill Partners LLC acquired a new position in shares of Blend Labs in the 4th quarter valued at approximately $42,000. Abel Hall LLC bought a new stake in Blend Labs during the 1st quarter worth approximately $48,000. Finally, Hyperion Capital Advisors LP bought a new stake in Blend Labs during the 2nd quarter worth approximately $51,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Company Profile

Blend Labs, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to simplify and digitize consumer lending and banking processes, helping institutions manage applications, verification, underwriting, account opening and related workflows through online and mobile channels.

The company’s product offerings support mortgage lending, consumer lending and deposit accounts. Its solutions include digital application and account-opening tools, income and asset verification, loan processing and closing capabilities, and configurable technology that financial institutions can use to create and manage digital banking experiences.