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

Blend Labs, Inc. (NYSE:BLND) shares traded down 5.4% during trading on Monday after an insider sold shares in the company. The company traded as low as $3.69 and last traded at $3.70. 897,526 shares traded 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 the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the transaction, the insider now directly owns 286,416 shares in the company, valued at approximately $953,765.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

Several brokerages recently weighed in on BLND. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Keefe, Bruyette & Woods upped their target price 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. The Goldman Sachs Group raised their price target on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and upped their price objective for the company from $3.00 to $4.75 in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Blend Labs has a consensus rating of “Moderate Buy” and a consensus target price of $3.93.

Blend Labs Stock Down 4.3 %

The company has a market capitalization of $943.89 million, a price-to-earnings ratio of -6.45 and a beta of 1.15. The business has a fifty day simple moving average of $3.29 and a two-hundred day simple moving average of $2.91.

Blend Labs (NYSE:BLND) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The firm had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. As a group, equities analysts predict that Blend Labs, Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BLND. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the fourth quarter worth approximately $26,000. Dark Forest Capital Management LP acquired a new position in Blend Labs during the 2nd quarter worth $31,000. Xponance Inc. bought a new position in Blend Labs in the 2nd quarter valued at $35,000. AMG National Trust Bank acquired a new stake in shares of Blend Labs in the 4th quarter valued at $37,000. Finally, Berylson Capital Partners LLC bought a new stake in shares of Blend Labs during the fourth quarter worth $52,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.