Blend Labs (NYSE:BLND) Lifted to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Blend Labs (NYSE:BLND) from a hold rating to a buy rating in a report released on Monday, Marketbeat reports. The brokerage currently has $4.75 price target on the stock, up from their previous price target of $3.00.

Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity Group restated a hold rating and issued a $3.00 price target on shares of Blend Labs in a research note on Wednesday, May 8th. Keefe, Bruyette & Woods increased their price target on Blend Labs from $2.65 to $3.00 and gave the company a market perform rating in a research note on Friday, May 10th. The Goldman Sachs Group increased their price target on Blend Labs from $3.00 to $3.40 and gave the company a buy rating in a research note on Friday, August 9th. Finally, William Blair upgraded Blend Labs from a market perform rating to an outperform rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $3.93.

Blend Labs Trading Up 12.7 %

NYSE BLND opened at $4.03 on Monday. The company has a market cap of $1.02 billion, a PE ratio of -6.94 and a beta of 1.10. Blend Labs has a 12 month low of $1.03 and a 12 month high of $4.22. The stock has a 50 day moving average of $2.74 and a 200-day moving average of $2.76.

Insiders Place Their Bets

In other Blend Labs news, insider Nima Ghamsari sold 81,434 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the transaction, the insider now owns 2,103,516 shares in the company, valued at approximately $6,163,301.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. G2 Investment Partners Management LLC bought a new position in shares of Blend Labs in the fourth quarter worth $956,000. Truist Financial Corp bought a new position in shares of Blend Labs in the fourth quarter worth $255,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Blend Labs in the first quarter worth $94,000. Jump Financial LLC bought a new position in shares of Blend Labs in the fourth quarter worth $132,000. Finally, Acadian Asset Management LLC boosted its stake in Blend Labs by 2,656.9% in the first quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after buying an additional 692,220 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

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.