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

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

Wall Street Analysts Forecast Growth

BLND has been the topic of a number of research analyst reports. UBS Group upped their price target on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. JMP Securities started coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price on the stock. The Goldman Sachs Group lifted their price target on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted 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. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Trading Down 10.4 %

The firm has a market cap of $859.92 million, a PE ratio of -9.88 and a beta of 1.38. The company’s 50 day moving average price is $4.59 and its two-hundred day moving average price is $3.78.

Insiders Place Their Bets

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total value of $153,600.00. Following the completion of the sale, the insider now owns 937,439 shares of the company’s stock, valued at $4,799,687.68. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,782 shares of company stock worth $1,182,878 over the last quarter. 13.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Hedge funds have recently made changes to their positions in the business. Dark Forest Capital Management LP bought a new stake in Blend Labs during the 2nd quarter valued at approximately $31,000. Xponance Inc. bought a new stake in shares of Blend Labs during the second quarter valued at approximately $35,000. Virtu Financial LLC bought a new stake in shares of Blend Labs during the third quarter valued at approximately $63,000. RiverPark Advisors LLC purchased a new position in shares of Blend Labs in the third quarter worth $77,000. Finally, FMR LLC boosted its position in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after acquiring an additional 3,576 shares during the last quarter. 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.