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

Blend Labs (NYSE:BLND) had its target price cut by equities researchers at Canaccord Genuity Group from $3.00 to $2.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price objective would indicate a potential upside of 104.92% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Wall Street Zen lowered Blend Labs from a “buy” rating to a “hold” rating in a report on Sunday, October 25th. Weiss Ratings downgraded shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Citizens Jmp dropped their price objective on shares of Blend Labs from $4.00 to $2.50 and set a “market outperform” rating on the stock in a report on Friday. Wells Fargo & Company cut their target price on shares of Blend Labs from $3.00 to $2.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Citigroup reiterated a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Blend Labs presently has an average rating of “Hold” and a consensus price target of $2.23.

Blend Labs Price Performance

Shares of BLND opened at $0.98 on Friday. Blend Labs has a 1 year low of $0.85 and a 1 year high of $3.44. The stock’s fifty day moving average price is $1.19 and its two-hundred day moving average price is $1.59. The firm has a market cap of $230.84 million, a PE ratio of -6.97 and a beta of 1.05.

Insiders Place Their Bets

In related news, insider Srinivasan Venkatramani sold 74,705 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $1.43, for a total value of $106,828.15. Following the sale, the insider owned 236,563 shares in the company, valued at approximately $338,285.09. This trade represents a 24.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 27,775 shares of Blend Labs stock in a transaction on Monday, October 19th. The shares were sold at an average price of $0.92, for a total value of $25,553.00. Following the sale, the insider directly owned 7,750,693 shares of the company’s stock, valued at $7,130,637.56. This represents a 0.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 239,072 shares of company stock valued at $281,085 over the last 90 days. Company insiders own 40.30% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently added to or reduced their stakes in BLND. Essential Partners LLC boosted its position in shares of Blend Labs by 21,768.1% during the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after acquiring an additional 15,673 shares during the last quarter. Caerus Investment Advisors LLC purchased a new position in shares of Blend Labs during the first quarter worth about $41,000. Hyperion Capital Advisors LP bought a new position in shares of Blend Labs in the second quarter worth approximately $51,000. Sequoia Financial Advisors LLC bought a new position in shares of Blend Labs in the second quarter worth approximately $62,000. Finally, AXQ Capital LP bought a new position in shares of Blend Labs in the second quarter worth approximately $68,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Company Profile

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.