UBS Group Lowers Blend Labs (NYSE:BLND) Price Target to $3.50

Blend Labs (NYSE:BLND) had its target price lowered by UBS Group from $4.00 to $3.50 in a research note issued to investors on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

BLND has been the subject of several other reports. The Goldman Sachs Group increased their target price on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. JMP Securities initiated coverage on Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods raised their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.96.

Blend Labs Trading Down 11.0 %

Blend Labs stock opened at $3.13 on Friday. The company has a market capitalization of $799.78 million, a PE ratio of -9.19 and a beta of 1.36. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The stock has a 50-day moving average price of $3.85 and a two-hundred day moving average price of $4.01.

Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now owns 776,759 shares of the company’s stock, valued at $2,897,311.07. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm’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 value of $310,695.00. Following the sale, the director now directly owns 331,130 shares of the company’s stock, valued at $1,821,215. This represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,737 shares of company stock valued at $1,196,254 over the last 90 days. Company insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. Lightspeed Management Company L.L.C. acquired a new stake in Blend Labs during the fourth quarter worth approximately $97,366,000. Whitebark Investors LP acquired a new stake in Blend Labs in the fourth quarter valued at approximately $10,895,000. Principal Financial Group Inc. grew its stake in Blend Labs by 697.6% in the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after acquiring an additional 2,390,337 shares during the period. State Street Corp grew its stake in Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after acquiring an additional 1,995,362 shares during the period. Finally, Mirabella Financial Services LLP acquired a new stake in Blend Labs in the fourth quarter valued at approximately $6,765,000. Institutional investors and hedge funds 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.