Canaccord Genuity Group Issues Pessimistic Forecast for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its target price decreased by equities researchers at Canaccord Genuity Group from $5.75 to $5.25 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 68.00% from the stock’s previous close.

Several other equities analysts also recently weighed in on BLND. JMP Securities began coverage on Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company. Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. UBS Group dropped their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday. The Goldman Sachs Group raised their price target on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.96.

Blend Labs Price Performance

NYSE BLND opened at $3.13 on Friday. Blend Labs has a 1-year low of $2.08 and a 1-year high of $5.53. The company has a market capitalization of $799.78 million, a P/E ratio of -9.19 and a beta of 1.36. The business has a 50 day moving average price of $3.85 and a 200 day moving average price of $4.02.

Insider Activity at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $3.41, for a total transaction of $102,300.00. Following the transaction, the insider now owns 836,759 shares in the company, valued at $2,853,348.19. The trade was a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. This represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 270,737 shares of company stock worth $1,196,254. 13.21% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. JPL Wealth Management LLC acquired a new position in shares of Blend Labs in the fourth quarter worth about $42,000. Balyasny Asset Management L.P. bought a new stake in Blend Labs in the fourth quarter valued at about $46,000. Olympiad Research LP bought a new stake in Blend Labs in the fourth quarter valued at about $47,000. Trellis Wealth Advisors LLC bought a new stake in Blend Labs in the fourth quarter valued at about $57,000. Finally, BBR Partners LLC bought a new stake in Blend Labs in the fourth quarter valued at about $60,000. 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.