Blend Labs (NYSE:BLND) Trading Down 6.2% – Here’s What Happened

Blend Labs, Inc. (NYSE:BLND) shares dropped 6.2% on Thursday . The stock traded as low as $3.94 and last traded at $3.95. Approximately 2,450,225 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 2,411,210 shares. The stock had previously closed at $4.21.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JMP Securities initiated coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. The Goldman Sachs Group increased their price objective on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. UBS Group lifted their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company raised their target price on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Trading Down 5.7 %

The company has a 50 day moving average price of $4.56 and a 200-day moving average price of $3.71. The company has a market cap of $1.02 billion, a P/E ratio of -11.68 and a beta of 1.33.

Insider Buying and Selling at Blend Labs

In other news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3.43, for a total transaction of $68,600.00. Following the transaction, the insider now owns 259,169 shares in the company, valued at approximately $888,949.67. The trade was a 7.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Oxana Tkach sold 18,324 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $5.18, for a total value of $94,918.32. Following the completion of the sale, the insider now owns 88,677 shares in the company, valued at $459,346.86. This trade represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,782 shares of company stock worth $1,011,478 over the last quarter. Corporate insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

Several large investors have recently made changes to their positions in BLND. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs during the second quarter valued at about $31,000. Xponance Inc. purchased a new stake in Blend Labs in the 2nd quarter valued at about $35,000. Virtu Financial LLC bought a new stake in Blend Labs during the third quarter worth $63,000. RiverPark Advisors LLC purchased a new position in Blend Labs in the third quarter worth $77,000. Finally, FMR LLC grew its stake in Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.