Blend Labs (NYSE:BLND) Shares Gap Down Following Analyst Downgrade

Shares of Blend Labs, Inc. (NYSE:BLND) gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $5.75 to $5.25. The stock had previously closed at $3.51, but opened at $3.24. Canaccord Genuity Group currently has a buy rating on the stock. Blend Labs shares last traded at $2.96, with a volume of 1,726,488 shares changing hands.

Several other research firms have also 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 research note on Thursday, December 5th. Keefe, Bruyette & Woods increased their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. JMP Securities began coverage on shares of Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target for the company. The Goldman Sachs Group upped their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, UBS Group cut their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4.96.

Insider Transactions at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total transaction of $102,300.00. Following the transaction, the insider now owns 836,759 shares in the company, valued at approximately $2,853,348.19. The trade was a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,737 shares of company stock worth $1,196,254. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently modified their holdings of the business. JPL Wealth Management LLC acquired a new position in Blend Labs in the fourth quarter valued at approximately $42,000. Balyasny Asset Management L.P. bought a new stake in shares of Blend Labs during the 4th quarter valued at $46,000. Olympiad Research LP acquired a new position in shares of Blend Labs in the 4th quarter valued at $47,000. Trellis Wealth Advisors LLC bought a new position in shares of Blend Labs in the 4th quarter worth $57,000. Finally, BBR Partners LLC acquired a new stake in shares of Blend Labs during the fourth quarter worth $60,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Stock Performance

The company has a market capitalization of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36. The company has a 50-day moving average price of $3.85 and a 200-day moving average price of $4.01.

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.