Blend Labs (NYSE:BLND) Stock Price Down 6.4% – What’s Next?

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a research note on Friday, December 20th. Keefe, Bruyette & Woods increased their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company 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 issued an “outperform” rating and a $7.00 price target on the stock. Finally, UBS Group increased their target price on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Stock Down 10.4 %

The company’s fifty day simple moving average is $4.59 and its 200 day simple moving average is $3.78. The firm has a market capitalization of $859.92 million, a PE ratio of -9.88 and a beta of 1.38.

Insider Activity at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total transaction of $213,605.00. Following the sale, the director now owns 387,620 shares of the company’s stock, valued at $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Oxana Tkach sold 18,324 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the sale, the insider now owns 88,677 shares in the company, valued at approximately $459,346.86. This trade represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,782 shares of company stock worth $1,182,878 over the last ninety days. 13.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently added to or reduced their stakes in the stock. Dark Forest Capital Management LP bought a new position in shares of Blend Labs during the second quarter valued at $31,000. Xponance Inc. purchased a new stake in Blend Labs during the 2nd quarter valued at about $35,000. Virtu Financial LLC bought a new stake in Blend Labs during the 3rd quarter valued at about $63,000. RiverPark Advisors LLC purchased a new position in Blend Labs in the third quarter worth about $77,000. Finally, FMR LLC lifted its stake in shares of Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after buying an additional 3,576 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

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.