Blend Labs, Inc. (NYSE:BLND) Stock Now Rated “Hold” by Sell-Side Brokerages

Shares of Blend Labs, Inc. (NYSE:BLND) have been given a consensus recommendation of “Hold” by the eight research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $2.82.

Several analysts have recently commented on BLND shares. Canaccord Genuity Group decreased their price objective on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of Blend Labs from a “buy” rating to a “hold” rating in a report on Sunday. Wells Fargo & Company cut their price target on Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a research note on Friday, August 7th. Finally, Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th.

Blend Labs Price Performance

BLND opened at $1.17 on Wednesday. The firm has a market cap of $275.54 million, a P/E ratio of -12.94 and a beta of 1.08. Blend Labs has a 1-year low of $0.88 and a 1-year high of $3.62. The company has a 50 day simple moving average of $1.24 and a two-hundred day simple moving average of $1.67.

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 stock was sold at an average price of $1.43, for a total value of $106,828.15. Following the transaction, the insider directly owned 236,563 shares of the company’s stock, valued at approximately $338,285.09. The trade was a 24.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 27,775 shares of the company’s stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $0.92, for a total value of $25,553.00. Following the completion of the transaction, the insider owned 7,750,693 shares of the company’s stock, valued at $7,130,637.56. The trade was a 0.36% 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. Insiders have sold 195,382 shares of company stock valued at $231,260 in the last quarter. 40.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of BLND. Capricorn Fund Managers Ltd bought a new position in shares of Blend Labs during the first quarter worth $11,049,000. Irenic Capital Management LP increased its holdings in Blend Labs by 3.6% in the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after acquiring an additional 79,901 shares during the last quarter. Rice Hall James & Associates LLC lifted its stake in Blend Labs by 14.0% in the 1st quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock worth $1,711,000 after purchasing an additional 123,699 shares in the last quarter. Bank of America Corp DE lifted its stake in Blend Labs by 6.8% in the 1st quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock worth $579,000 after purchasing an additional 21,713 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in Blend Labs by 99.0% in the 1st quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock worth $440,000 after purchasing an additional 128,677 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.