Blend Labs (NYSE:BLND) Price Target Cut to $5.25 by Analysts at Canaccord Genuity Group

Blend Labs (NYSE:BLND) had its price target trimmed by Canaccord Genuity Group from $5.75 to $5.25 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. JMP Securities started coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. UBS Group lowered their price objective on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday. The Goldman Sachs Group upped their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods upped their price objective on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” 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 equities 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.96.

Blend Labs Trading Down 11.0 %

BLND stock opened at $3.13 on Friday. The stock has a market capitalization of $799.78 million, a PE ratio of -9.19 and a beta of 1.36. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53. The stock’s 50 day simple moving average is $3.85 and its 200 day simple moving average is $4.01.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total value of $153,600.00. Following the completion of the sale, the insider now owns 937,439 shares in the company, valued at approximately $4,799,687.68. This represents a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the sale, the director now owns 331,130 shares of the company’s stock, valued at $1,821,215. The trade was a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 270,737 shares of company stock worth $1,196,254 in the last three months. Corporate insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after purchasing an additional 283,207 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Blend Labs during the third quarter valued at about $676,000. Advantage Alpha Capital Partners LP purchased a new position in shares of Blend Labs during the third quarter valued at about $3,253,000. Charles Schwab Investment Management Inc. grew its position in shares of Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock valued at $6,161,000 after purchasing an additional 120,152 shares in the last quarter. Finally, Fullcircle Wealth LLC purchased a new position in shares of Blend Labs during the third quarter valued at about $508,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

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.