Blend Labs (NYSE:BLND) Stock Price Down 6.4% – Should You Sell?

Blend Labs, Inc. (NYSE:BLND)’s stock price dropped 6.4% during trading on Friday . The stock traded as low as $3.50 and last traded at $3.51. Approximately 164,588 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,520,621 shares. The stock had previously closed at $3.75.

Wall Street Analysts Forecast Growth

BLND has been the subject of several recent analyst reports. JMP Securities assumed coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Keefe, Bruyette & Woods lifted their target price 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. Canaccord Genuity Group reissued a “buy” rating and issued a $5.75 price target on shares of Blend Labs in a research report on Friday, December 20th. The Goldman Sachs Group increased their target price on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group upped their price target on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Stock Down 7.2 %

The business has a 50-day simple moving average of $4.60 and a 200-day simple moving average of $3.76. The stock has a market cap of $890.64 million, a P/E ratio of -10.23 and a beta of 1.38.

Insider Activity at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the transaction, the director now directly owns 331,130 shares in the company, valued at $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the sale, the insider now owns 866,759 shares in the company, valued at $3,233,011.07. This represents a 3.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 241,782 shares of company stock worth $1,182,878. 13.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs in the second quarter valued at approximately $31,000. Xponance Inc. bought a new stake in shares of Blend Labs during the second quarter worth $35,000. Virtu Financial LLC bought a new position in Blend Labs in the third quarter valued at about $63,000. RiverPark Advisors LLC acquired a new stake in Blend Labs in the third quarter worth about $77,000. Finally, FMR LLC raised its holdings in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after purchasing an additional 3,576 shares during the last quarter. Institutional investors and hedge funds 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.