Blend Labs (NYSE:BLND) Shares Gap Down Following Analyst Downgrade

Blend Labs, Inc. (NYSE:BLND - Get Free Report)'s stock price gapped down before the market opened on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $3.85 to $3.50. The stock had previously closed at $3.51, but opened at $3.24. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Blend Labs shares last traded at $2.96, with a volume of 1,726,488 shares trading hands.

Several other research firms have also weighed in on BLND. JMP Securities assumed coverage on shares of Blend Labs in a report on Wednesday, December 18th. They set an "outperform" rating and a $7.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. The Goldman Sachs Group lifted their price target on shares of Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, UBS Group dropped their price target on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Friday. Two 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $4.91.

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Insider Transactions at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of the business'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 completion of the sale, the director now owns 331,130 shares of the company's stock, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of the business'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 of the company's stock, valued at $2,897,311.07. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,737 shares of company stock valued at $1,196,254. Insiders own 13.21% of the company's stock.

Institutional Investors Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company's stock worth $17,880,000 after acquiring an additional 283,207 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blend Labs during the third quarter worth about $676,000. Advantage Alpha Capital Partners LP acquired a new stake in Blend Labs during the third quarter worth about $3,253,000. Charles Schwab Investment Management Inc. raised its stake in 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 worth $6,161,000 after acquiring an additional 120,152 shares during the period. Finally, Barclays PLC raised its stake in Blend Labs by 263.1% during the third quarter. Barclays PLC now owns 407,774 shares of the company's stock worth $1,530,000 after acquiring an additional 295,460 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Blend Labs Stock Down 0.6 %

The stock has a market cap of $755.76 million, a price-to-earnings ratio of -8.69 and a beta of 1.36. The firm's 50 day moving average is $3.79 and its two-hundred day moving average is $4.00.

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.