Blend Labs (NYSE:BLND) Upgraded by Canaccord Genuity Group to Buy

Canaccord Genuity Group upgraded shares of Blend Labs (NYSE:BLND) from a hold rating to a buy rating in a research report report published on Monday morning, MarketBeat Ratings reports. The firm currently has $4.75 price objective on the stock, up from their previous price objective of $3.00.

BLND has been the subject of several other research reports. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $2.65 to $3.00 and gave the company a market perform rating in a research report on Friday, May 10th. The Goldman Sachs Group upped their price target on shares of Blend Labs from $3.00 to $3.40 and gave the company a buy rating in a research report on Friday, August 9th. Canaccord Genuity Group upgraded shares of Blend Labs from a hold rating to a buy rating and upped their price target for the company from $3.00 to $4.75 in a research report on Monday. Finally, William Blair upgraded shares of Blend Labs from a market perform rating to an outperform rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $3.93.

Blend Labs Trading Up 12.7 %

Shares of Blend Labs stock opened at $4.03 on Monday. The company has a fifty day simple moving average of $2.74 and a 200-day simple moving average of $2.76. Blend Labs has a 12-month low of $1.03 and a 12-month high of $4.22. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -6.94 and a beta of 1.10.

Insider Buying and Selling

In related news, insider Nima Ghamsari sold 81,434 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $2.93, for a total value of $238,601.62. Following the sale, the insider now directly owns 2,103,516 shares of the company’s stock, valued at $6,163,301.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. JPL Wealth Management LLC purchased a new position in Blend Labs in the fourth quarter valued at approximately $26,000. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs during the second quarter worth approximately $31,000. AMG National Trust Bank acquired a new stake in shares of Blend Labs during the fourth quarter worth approximately $37,000. Xponance Inc. acquired a new stake in shares of Blend Labs during the second quarter worth approximately $35,000. Finally, Caxton Associates LP acquired a new stake in shares of Blend Labs during the first quarter worth approximately $60,000. Hedge funds and other 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.