Blend Labs (NYSE:BLND) Stock Price Down 6.4% – Here’s Why

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BLND. The Goldman Sachs Group boosted their target price on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company raised their target price on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. JMP Securities began coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target for the company. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, UBS Group upped their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given 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 an average price target of $5.11.

Blend Labs Stock Down 7.2 %

The company has a 50 day moving average of $4.60 and a 200 day moving average of $3.76. The firm has a market cap of $890.64 million, a price-to-earnings ratio of -10.23 and a beta of 1.38.

Insider Transactions at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the sale, the director now directly owns 387,620 shares in the company, valued at approximately $1,938,100. The trade was a 9.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $5.12, for a total transaction of $153,600.00. Following the sale, the insider now directly owns 937,439 shares of the company’s stock, valued at approximately $4,799,687.68. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,782 shares of company stock valued at $1,182,878. 13.21% of the stock is currently owned by corporate insiders.

Institutional Trading of Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. ShawSpring Partners LLC grew its position in Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after buying an additional 2,485,283 shares in the last quarter. Principal Financial Group Inc. raised its holdings in 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 purchasing an additional 2,390,337 shares in the last quarter. State Street Corp lifted its position in Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the period. Summit Partners Public Asset Management LLC boosted its stake in Blend Labs by 452.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after purchasing an additional 1,552,865 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Blend Labs by 193.5% in the 3rd 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 in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.