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

Shares of Blend Labs, Inc. (NYSE:BLND) gapped up prior to trading on Tuesday . The stock had previously closed at $2.99, but opened at $3.06. Blend Labs shares last traded at $3.0550, with a volume of 866,513 shares trading hands.

Wall Street Analyst Weigh In

BLND has been the subject of a number of analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $5.25 price objective on shares of Blend Labs in a research report on Tuesday, October 28th. UBS Group reduced their price target on Blend Labs from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Blend Labs in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their target price on Blend Labs from $4.00 to $3.75 and set a “market perform” rating for the company in a research note on Friday, August 8th. Finally, Wall Street Zen raised Blend Labs from a “sell” rating to a “hold” rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.80.

Blend Labs Stock Performance

The company has a market capitalization of $764.96 million, a price-to-earnings ratio of -29.53 and a beta of 1.23. The firm has a fifty day moving average price of $3.47 and a 200-day moving average price of $3.47.

Insider Activity

In related news, insider Brian Kneafsey sold 25,000 shares of Blend Labs stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $3.34, for a total value of $83,500.00. Following the transaction, the insider directly owned 687,909 shares of the company’s stock, valued at $2,297,616.06. This trade represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 35.52% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd bought a new stake in shares of Blend Labs during the 3rd quarter worth $32,000. Savvy Advisors Inc. bought a new position in shares of Blend Labs in the third quarter worth about $37,000. Captrust Financial Advisors acquired a new stake in shares of Blend Labs in the 2nd quarter valued at approximately $35,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Blend Labs during the 2nd quarter valued at approximately $37,000. Finally, Truist Financial Corp acquired a new position in Blend Labs during the 2nd quarter worth approximately $41,000. Institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

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.