Blend Labs (NYSE:BLND) Shares Down 6.2% Following Insider Selling

Blend Labs, Inc. (NYSE:BLND) shares dropped 6.2% during trading on Thursday following insider selling activity. The stock traded as low as $3.94 and last traded at $3.95. Approximately 2,450,225 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 2,411,210 shares. The stock had previously closed at $4.21.

Specifically, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $4.27, for a total transaction of $128,100.00. Following the completion of the transaction, the insider now owns 896,759 shares of the company’s stock, valued at $3,829,160.93. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

Several brokerages recently commented on BLND. Canaccord Genuity Group reissued a “buy” rating and set a $5.75 price objective on shares of Blend Labs in a research report on Friday, December 20th. Keefe, Bruyette & Woods increased their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. Wells Fargo & Company upped their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. JMP Securities began coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Finally, Citizens Jmp raised Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.11.

Blend Labs Trading Down 1.0 %

The stock has a market capitalization of $972.53 million, a PE ratio of -11.18 and a beta of 1.33. The stock has a 50 day moving average price of $4.58 and a 200-day moving average price of $3.72.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after purchasing an additional 283,207 shares in the last quarter. Advantage Alpha Capital Partners LP bought a new stake in Blend Labs during the 3rd quarter valued at approximately $3,253,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Blend Labs in the 3rd quarter worth approximately $676,000. SG Americas Securities LLC bought a new position in Blend Labs in the 3rd quarter worth approximately $660,000. Finally, Fullcircle Wealth LLC bought a new position in Blend Labs in the 3rd quarter worth approximately $508,000. 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.