Blend Labs (NYSE:BLND) Shares Up 7.1% – Still a Buy?

Blend Labs, Inc. (NYSE:BLND)’s share price was up 7.1% on Wednesday . The stock traded as high as $3.56 and last traded at $3.56. Approximately 1,680,219 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 3,369,395 shares. The stock had previously closed at $3.32.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Keefe, Bruyette & Woods reduced their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research note on Monday, March 3rd. UBS Group dropped their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Wells Fargo & Company boosted their target price on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Canaccord Genuity Group lowered their price target on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Blend Labs currently has an average rating of “Moderate Buy” and a consensus price target of $4.91.

Blend Labs Stock Performance

The company has a market cap of $948.22 million, a P/E ratio of -10.90 and a beta of 1.40. The stock’s fifty day moving average price is $3.67 and its two-hundred day moving average price is $3.98.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the completion of the transaction, the insider now directly owns 907,439 shares in the company, valued at $4,582,566.95. This represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 184,247 shares of company stock worth $731,959. Insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Lightspeed Management Company L.L.C. bought a new stake in Blend Labs during the 4th quarter worth $97,366,000. Vanguard Group Inc. grew its holdings in Blend Labs by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock worth $70,776,000 after acquiring an additional 388,583 shares during the last quarter. ShawSpring Partners LLC increased its position in Blend Labs by 6.8% in the 4th quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company’s stock valued at $29,803,000 after acquiring an additional 449,175 shares during the period. State Street Corp raised its stake in shares of Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after acquiring an additional 1,995,362 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Blend Labs by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock worth $20,391,000 after purchasing an additional 75,379 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.