Blend Labs (NYSE:BLND) Stock Price Down 6.2% – Here’s Why

Blend Labs, Inc. (NYSE:BLND)’s share price traded down 6.2% during trading on Thursday . The stock traded as low as $3.94 and last traded at $3.95. 2,450,225 shares traded hands during trading, an increase of 2% from the average session volume of 2,411,210 shares. The stock had previously closed at $4.21.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BLND shares. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group increased their price target on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” 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 set an “outperform” rating and a $7.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Finally, 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. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Blend Labs has an average rating of “Moderate Buy” and an average target price of $5.11.

Blend Labs Trading Down 5.7 %

The firm has a market capitalization of $1.02 billion, a P/E ratio of -11.68 and a beta of 1.33. The business’s fifty day moving average is $4.56 and its 200 day moving average is $3.71.

Insider Transactions at Blend Labs

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the sale, the director now owns 331,130 shares of the company’s stock, valued at $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Oxana Tkach sold 18,324 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now directly owns 88,677 shares of the company’s stock, valued at $459,346.86. This represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 201,782 shares of company stock valued at $1,011,478 over the last ninety days. Corporate insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors have recently modified their holdings of BLND. Dark Forest Capital Management LP bought a new position in Blend Labs in the second quarter valued at approximately $31,000. Xponance Inc. bought a new position in shares of Blend Labs in the second quarter valued at $35,000. Virtu Financial LLC acquired a new position in Blend Labs during the third quarter worth $63,000. RiverPark Advisors LLC acquired a new position in Blend Labs during the third quarter worth $77,000. Finally, FMR LLC lifted its stake in Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after acquiring an additional 3,576 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

About Blend Labs

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.