Blend Labs (NYSE:BLND) Trading Down 5.4% on Insider Selling

Blend Labs, Inc. (NYSE:BLND) traded down 5.4% during mid-day trading on Monday following insider selling activity. The company traded as low as $3.69 and last traded at $3.70. 897,526 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 2,313,856 shares. The stock had previously closed at $3.91.

Specifically, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total transaction of $66,600.00. Following the transaction, the insider now owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BLND shares. William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research note on Monday, August 12th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.00 to $4.75 in a research note on Monday, August 12th. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and boosted their target price for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. Finally, The Goldman Sachs Group lifted their price target 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Blend Labs Stock Performance

The firm has a 50-day moving average price of $3.26 and a 200-day moving average price of $2.91. The stock has a market cap of $941.37 million, a P/E ratio of -6.74 and a beta of 1.15.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to analysts’ expectations of $39.50 million. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. On average, research analysts predict that Blend Labs, Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Blend Labs

Several institutional investors have recently made changes to their positions in the company. Formation8 GP LLC acquired a new stake in Blend Labs during the 4th quarter valued at approximately $41,362,000. Vanguard Group Inc. increased its position in Blend Labs by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after purchasing an additional 46,526 shares during the last quarter. ShawSpring Partners LLC raised its holdings in Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after buying an additional 2,485,283 shares during the period. Acadian Asset Management LLC lifted its stake in Blend Labs by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after acquiring an additional 62,000 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after purchasing an additional 638,102 shares in 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.