Blend Labs (NYSE:BLND) Trading Down 3.5%

Blend Labs, Inc. (NYSE:BLND)’s share price was down 3.5% during trading on Friday . The stock traded as low as $3.86 and last traded at $3.88. Approximately 2,211,708 shares changed hands during trading, an increase of 2% from the average daily volume of 2,174,802 shares. The stock had previously closed at $4.02.

Wall Street Analyst Weigh In

BLND has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their target price on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a report on Monday. The Goldman Sachs Group lifted their price objective on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $4.75 in a report on Monday. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.00 to $4.75 in a research report on Monday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Price Performance

The company’s fifty day simple moving average is $2.74 and its 200-day simple moving average is $2.76. The firm has a market capitalization of $996.89 million, a PE ratio of -6.94 and a beta of 1.10.

Insider Transactions at Blend Labs

In other news, insider Nima Ghamsari sold 81,434 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the sale, the insider now owns 2,103,516 shares in the company, valued at $6,163,301.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of BLND. Victory Capital Management Inc. grew its stake in Blend Labs by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after purchasing an additional 4,633 shares during the last quarter. ClariVest Asset Management LLC boosted its position in Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after buying an additional 6,988 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Blend Labs during the 4th quarter worth approximately $26,000. EP Wealth Advisors LLC lifted its stake in Blend Labs by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock valued at $464,000 after acquiring an additional 11,448 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs in the second quarter worth $31,000. 52.56% of the stock is 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.