Blend Labs, Inc. (NYSE:BLND) Insider Brian Kneafsey Sells 30,000 Shares

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $3.59, for a total value of $107,700.00. Following the sale, the insider now owns 806,759 shares in the company, valued at $2,896,264.81. The trade was a 3.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Brian Kneafsey also recently made the following trade(s):

• On Tuesday, January 14th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $3.41, for a total value of $102,300.00.
• On Tuesday, January 7th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $3.73, for a total value of $111,900.00.
• On Tuesday, December 31st, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $4.27, for a total value of $128,100.00.
• On Tuesday, December 17th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $5.05, for a total value of $151,500.00.
• On Tuesday, December 10th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $5.12, for a total value of $153,600.00.

Blend Labs Stock Down 0.7 %

BLND opened at $3.70 on Friday. The stock has a fifty day moving average of $4.46 and a 200-day moving average of $3.86. The firm has a market capitalization of $945.66 million, a P/E ratio of -10.87 and a beta of 1.38. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $45.18 million during the quarter, compared to analyst estimates of $41.30 million. During the same period last year, the company posted ($0.13) EPS. On average, analysts expect that Blend Labs, Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLND. Wells Fargo & Company increased their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.75 price target on shares of Blend Labs in a research note on Friday, December 20th. UBS Group increased their price target on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. JMP Securities assumed coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target for the company. Finally, Keefe, Bruyette & Woods increased their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Two equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.11.

Institutional Trading of Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of BLND. ShawSpring Partners LLC raised its holdings in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after acquiring an additional 2,485,283 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares in the last quarter. State Street Corp raised its holdings 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 worth $20,482,000 after acquiring an additional 1,995,362 shares in the last quarter. Summit Partners Public Asset Management LLC raised its holdings in shares of Blend Labs by 452.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after acquiring an additional 1,552,865 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Blend Labs by 193.5% during the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after buying an additional 1,130,706 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.