Blend Labs, Inc. (NYSE:BLND) Insider Brian Kneafsey Sells 30,000 Shares

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the transaction, the insider now owns 907,439 shares in the company, valued at $4,582,566.95. This represents a 3.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Brian Kneafsey also recently made the following trade(s):

• On Tuesday, December 10th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $5.12, for a total value of $153,600.00.

Blend Labs Stock Performance

BLND traded down $0.31 during mid-day trading on Wednesday, reaching $4.73. 2,991,109 shares of the stock were exchanged, compared to its average volume of 2,370,984. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The stock has a market capitalization of $1.21 billion, a PE ratio of -13.91 and a beta of 1.33. The company has a 50 day moving average price of $4.38 and a two-hundred day moving average price of $3.58.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. JMP Securities began coverage on Blend Labs in a report on Wednesday. They issued an “outperform” rating and a $7.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. UBS Group raised 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. Finally, Canaccord Genuity Group lifted their price objective on shares of Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ShawSpring Partners LLC lifted its position in shares of Blend Labs by 58.7% during the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after buying an additional 2,485,283 shares in the last quarter. State Street Corp increased its position in shares of Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after acquiring an additional 1,995,362 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Blend Labs by 6.3% during the third 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 period. Principal Financial Group Inc. boosted its position in Blend Labs by 697.6% in 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 during the last quarter. Finally, Summit Partners Public Asset Management LLC boosted its position in Blend Labs by 452.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after purchasing an additional 1,552,865 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other 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.