Keefe, Bruyette & Woods Has Lowered Expectations for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND - Get Free Report) had its price objective lowered by stock analysts at Keefe, Bruyette & Woods from $3.85 to $3.50 in a report released on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' target price points to a potential upside of 13.82% from the stock's current price.

Several other equities analysts have also commented on the stock. Citizens Jmp upgraded shares of Blend Labs to a "strong-buy" rating in a report on Wednesday, December 18th. UBS Group lowered 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, February 28th. Canaccord Genuity Group decreased their target price on Blend Labs from $5.75 to $5.25 and set a "buy" rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company lifted their target price on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, JMP Securities started coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an "outperform" rating and a $7.00 target price on the stock. 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $4.91.

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Blend Labs Stock Down 1.1 %

BLND traded down $0.04 during trading on Monday, reaching $3.08. The company's stock had a trading volume of 3,882,410 shares, compared to its average volume of 3,235,812. Blend Labs has a 1 year low of $2.08 and a 1 year high of $5.53. The company has a market cap of $786.98 million, a price-to-earnings ratio of -9.04 and a beta of 1.36. The firm has a fifty day simple moving average of $3.76 and a two-hundred day simple moving average of $4.00.

Insider Buying and Selling

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $5.05, for a total value of $151,500.00. Following the sale, the insider now owns 907,439 shares of the company's stock, valued at approximately $4,582,566.95. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,737 shares of company stock worth $1,196,254 in the last quarter. Company insiders own 13.21% of the company's stock.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lightspeed Management Company L.L.C. acquired a new stake in Blend Labs in the 4th quarter worth about $97,366,000. Vanguard Group Inc. grew its holdings in Blend Labs by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company's stock valued at $70,776,000 after purchasing an additional 388,583 shares during the period. ShawSpring Partners LLC increased its position in Blend Labs by 6.8% during the fourth quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company's stock worth $29,803,000 after purchasing an additional 449,175 shares during the last quarter. State Street Corp raised its stake in Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company's stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Blend Labs by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company's stock valued at $20,391,000 after purchasing an additional 75,379 shares during the last quarter. Hedge funds and other institutional investors 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.