Blend Labs (NYSE:BLND) Trading Down 6.2% – Should You Sell?

Blend Labs, Inc. (NYSE:BLND) shares traded down 6.2% during mid-day trading on Friday . The stock traded as low as $4.07 and last traded at $4.11. 386,215 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,278,364 shares. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

BLND has been the topic of several recent research reports. William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. UBS Group boosted their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price target on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.46.

Blend Labs Stock Performance

The company has a 50 day simple moving average of $3.76 and a 200-day simple moving average of $3.20.

Insider Buying and Selling

In other news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the completion of the sale, the insider now owns 259,169 shares of the company’s stock, valued at approximately $888,949.67. The trade was a 7.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 54,303 shares of company stock worth $192,926 in the last quarter. 13.21% of the stock is owned by insiders.

Institutional Trading of Blend Labs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dark Forest Capital Management LP bought a new position in Blend Labs during the 2nd quarter valued at approximately $31,000. Xponance Inc. purchased a new stake in shares of Blend Labs in the 2nd quarter worth approximately $35,000. Caxton Associates LP purchased a new stake in shares of Blend Labs in the first quarter worth $60,000. SG Americas Securities LLC bought a new stake in Blend Labs during the 1st quarter valued at about $70,000. Finally, RiverPark Advisors LLC bought a new stake in shares of Blend Labs during the third quarter valued at approximately $77,000. 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.