Blend Labs (NYSE:BLND) Trading Down 6.2% After Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s share price was down 6.2% during trading on Thursday following insider selling activity. The company traded as low as $3.94 and last traded at $3.95. Approximately 2,450,225 shares were traded during 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 Blend Labs stock in a transaction dated Tuesday, December 31st. The shares were 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 directly owns 896,759 shares in the company, valued at $3,829,160.93. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

BLND has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. 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 note on Thursday, December 5th. Canaccord Genuity Group reissued a “buy” rating and issued a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. Finally, JMP Securities started coverage on shares of Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Two 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Trading Down 1.0 %

The business’s fifty day moving average price is $4.58 and its 200-day moving average price is $3.72. The company has a market capitalization of $972.53 million, a P/E ratio of -11.18 and a beta of 1.33.

Institutional Investors Weigh In On Blend Labs

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