Blend Labs (NYSE:BLND) Shares Gap Down After Analyst Downgrade

Shares of Blend Labs, Inc. (NYSE:BLND) gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $5.75 to $5.25. The stock had previously closed at $3.51, but opened at $3.24. Canaccord Genuity Group currently has a buy rating on the stock. Blend Labs shares last traded at $2.96, with a volume of 1,726,488 shares trading hands.

BLND has been the topic of several other research reports. Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. UBS Group cut their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Friday. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, JMP Securities started coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.96.

Insider Activity

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $3.41, for a total value of $102,300.00. Following the completion of the sale, the insider now owns 836,759 shares in the company, valued at approximately $2,853,348.19. The trade was a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $310,695.00. Following the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,737 shares of company stock worth $1,196,254. Corporate insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. JPL Wealth Management LLC purchased a new position in shares of Blend Labs during the fourth quarter worth about $42,000. Balyasny Asset Management L.P. purchased a new position in shares of Blend Labs in the 4th quarter valued at approximately $46,000. Olympiad Research LP acquired a new position in shares of Blend Labs in the fourth quarter valued at approximately $47,000. Trellis Wealth Advisors LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth approximately $57,000. Finally, BBR Partners LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth approximately $60,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Down 11.0 %

The stock has a market capitalization of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36. The company has a fifty day moving average of $3.85 and a two-hundred day moving average of $4.02.

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.