Blend Labs (NYSE:BLND) Shares Gap Down - Here's What Happened

Blend Labs, Inc. (NYSE:BLND - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $3.19, but opened at $3.05. Blend Labs shares last traded at $3.09, with a volume of 328,695 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BLND shares. UBS Group dropped their price target on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research note on Friday, February 28th. Keefe, Bruyette & Woods lowered their target price on Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research report on Monday, March 3rd. JMP Securities assumed coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 price target on the stock. Citizens Jmp raised Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group cut their price objective 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. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $4.91.

Blend Labs Stock Performance

The business has a 50 day moving average price of $3.52 and a 200-day moving average price of $3.93. The company has a market capitalization of $817.94 million, a price-to-earnings ratio of -9.26 and a beta of 1.29.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total value of $102,300.00. Following the completion of the sale, the insider now directly owns 836,759 shares of the company's stock, valued at approximately $2,853,348.19. The trade was a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 90,000 shares of company stock valued at $321,900. 13.21% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

Large investors have recently made changes to their positions in the company. Lightspeed Management Company L.L.C. bought a new position in Blend Labs in the fourth quarter worth approximately $97,366,000. Whitebark Investors LP acquired a new position in shares of Blend Labs during the fourth quarter worth approximately $10,895,000. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 2,390,337 shares in the last quarter. State Street Corp grew its position in Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company's stock valued at $20,482,000 after purchasing an additional 1,995,362 shares during the period. Finally, Mirabella Financial Services LLP bought a new stake in Blend Labs during the 4th quarter valued at $6,765,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.