Blend Labs (NYSE:BLND) Stock Gets Price Target Reduction from Canaccord Genuity Group

Blend Labs (NYSE:BLND) had its price objective trimmed by Canaccord Genuity Group from $3.00 to $2.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also issued reports on BLND. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Wells Fargo & Company lowered their price target on Blend Labs from $3.00 to $2.00 and set an “overweight” rating on the stock in a report on Friday. Wall Street Zen lowered Blend Labs from a “buy” rating to a “hold” rating in a research report on Sunday, October 25th. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research note on Friday, August 7th. Finally, Weiss Ratings downgraded Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 25th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.23.

Blend Labs Stock Performance

Blend Labs stock opened at $0.98 on Friday. Blend Labs has a 52 week low of $0.85 and a 52 week high of $3.44. The firm has a market capitalization of $230.84 million, a price-to-earnings ratio of -6.97 and a beta of 1.05. The company has a 50 day moving average price of $1.19 and a 200 day moving average price of $1.59.

Insider Buying and Selling

In other Blend Labs news, insider Nima Ghamsari sold 22,322 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $1.16, for a total value of $25,893.52. Following the completion of the sale, the insider owned 7,707,003 shares in the company, valued at $8,940,123.48. This represents a 0.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of Blend Labs stock in a transaction on Friday, September 11th. The shares were sold at an average price of $1.43, for a total transaction of $106,828.15. Following the sale, the insider directly owned 236,563 shares of the company’s stock, valued at $338,285.09. This trade represents a 24.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 239,072 shares of company stock valued at $281,085. Insiders own 40.30% of the company’s stock.

Institutional Trading of Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of BLND. Essential Partners LLC boosted its position in Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after purchasing an additional 15,673 shares during the last quarter. Caerus Investment Advisors LLC purchased a new position in Blend Labs in the first quarter valued at about $41,000. Hyperion Capital Advisors LP acquired a new position in Blend Labs in the 2nd quarter worth about $51,000. Sequoia Financial Advisors LLC acquired a new position in Blend Labs in the 2nd quarter worth about $62,000. Finally, AXQ Capital LP purchased a new stake in shares of Blend Labs during the 2nd quarter worth about $68,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.