Blend Labs (NYSE:BLND) Price Target Cut to $1.50

Blend Labs (NYSE:BLND – Get Rating) had its price objective dropped by stock analysts at Wells Fargo & Company from $2.00 to $1.50 in a research note issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 57.94% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group cut their price target on shares of Blend Labs from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on shares of Blend Labs from $1.30 to $1.40 and gave the stock a “market perform” rating in a research note on Thursday, March 9th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $3.36.

Blend Labs Stock Performance

Shares of NYSE:BLND opened at $0.95 on Friday. The company has a quick ratio of 10.29, a current ratio of 10.29 and a debt-to-equity ratio of 1.23. Blend Labs has a 12 month low of $0.76 and a 12 month high of $7.38. The company has a 50 day moving average of $1.65 and a 200 day moving average of $1.88.

Insider Transactions at Blend Labs

In related news, insider Crystal Sumner sold 33,196 shares of the company’s stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $1.22, for a total transaction of $40,499.12. Following the completion of the sale, the insider now directly owns 501,180 shares in the company, valued at approximately $611,439.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 15.57% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Blend Labs by 35.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,304,227 shares of the company’s stock valued at $40,452,000 after buying an additional 4,815,879 shares during the last quarter. BlackRock Inc. raised its holdings in Blend Labs by 10.0% in the 3rd quarter. BlackRock Inc. now owns 11,724,516 shares of the company’s stock worth $25,910,000 after purchasing an additional 1,067,190 shares in the last quarter. ShawSpring Partners LLC lifted its position in shares of Blend Labs by 6.0% in the 4th quarter. ShawSpring Partners LLC now owns 9,928,162 shares of the company’s stock worth $14,297,000 after purchasing an additional 561,487 shares during the period. MFN Partners Management LP boosted its stake in shares of Blend Labs by 67.4% during the 2nd quarter. MFN Partners Management LP now owns 8,369,982 shares of the company’s stock valued at $19,753,000 after purchasing an additional 3,369,982 shares in the last quarter. Finally, State Street Corp increased its position in shares of Blend Labs by 42.2% during the third quarter. State Street Corp now owns 4,081,403 shares of the company’s stock valued at $9,020,000 after buying an additional 1,210,510 shares during the period. 60.42% of the stock is currently owned by institutional investors.

Blend Labs Company Profile

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Blend Labs, Inc provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts.