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

Blend Labs (NYSE:BLND) had its price objective decreased by stock analysts at UBS Group from $4.00 to $3.50 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price objective suggests a potential upside of 12.00% from the company’s current price.

A number of other equities research analysts have also commented on BLND. The Goldman Sachs Group upped their price target on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. JMP Securities initiated coverage on shares of Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target for the company. Finally, Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.96.

Blend Labs Stock Performance

Shares of BLND opened at $3.13 on Friday. The firm has a market cap of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The firm has a 50 day moving average price of $3.85 and a 200-day moving average price of $4.02.

Insider Buying and Selling at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated 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 directly owns 776,759 shares in the company, valued at $2,897,311.07. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,737 shares of company stock valued at $1,196,254. 13.21% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

A number of hedge funds and other institutional investors have recently modified their holdings of BLND. Fullcircle Wealth LLC purchased a new stake in shares of Blend Labs in the 3rd quarter worth about $508,000. Principal Financial Group Inc. grew its position in shares of Blend Labs by 697.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the period. Cypress Point Wealth Management LLC grew its position in shares of Blend Labs by 15.2% in the 3rd quarter. Cypress Point Wealth Management LLC now owns 226,447 shares of the company’s stock worth $849,000 after buying an additional 29,848 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Blend Labs in the 3rd quarter worth about $314,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of Blend Labs in the 3rd quarter worth about $77,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.