Blend Labs (NYSE:BLND) Stock Price Down 5.3%

Shares of Blend Labs, Inc. (NYSE:BLND) were down 5.3% during trading on Monday . The company traded as low as $3.72 and last traded at $3.75. Approximately 379,217 shares traded hands during trading, a decline of 84% from the average daily volume of 2,351,538 shares. The stock had previously closed at $3.96.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BLND. The Goldman Sachs Group lifted their price target on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research note on Friday, August 9th. William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods lifted 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. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and boosted 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Blend Labs Stock Down 2.5 %

The company has a market capitalization of $974.18 million, a P/E ratio of -6.47 and a beta of 1.15. The business has a 50 day moving average of $3.41 and a 200 day moving average of $2.95.

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

Insider Transactions at Blend Labs

In related news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the sale, the insider now owns 286,416 shares in the company, valued at $953,765.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.83% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Hedge funds have recently modified their holdings of the stock. ShawSpring Partners LLC raised its holdings in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after purchasing an additional 2,485,283 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after buying an additional 692,220 shares during the period. Bank of New York Mellon Corp boosted its stake 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 worth $1,546,000 after buying an additional 638,102 shares during the last quarter. Lake Street Advisors Group LLC acquired a new stake in Blend Labs during the first quarter worth about $1,538,000. Finally, Squarepoint Ops LLC lifted its holdings in Blend Labs by 253.8% in the second quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock valued at $1,235,000 after acquiring an additional 375,233 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.