Blend Labs (NYSE:BLND) Stock Price Down 6.2% - Here's What Happened

Blend Labs, Inc. (NYSE:BLND - Get Free Report) fell 6.2% during mid-day trading on Thursday . The company traded as low as $3.94 and last traded at $3.95. 2,450,225 shares changed hands during trading, an increase of 2% from the average session volume of 2,411,210 shares. The stock had previously closed at $4.21.

Wall Street Analysts Forecast Growth

BLND has been the subject of a number of analyst reports. Citizens Jmp raised Blend Labs to a "strong-buy" rating in a report on Wednesday, December 18th. UBS Group increased their target price on Blend Labs from $3.00 to $4.00 and gave the company a "neutral" rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group upped their price target on shares of Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Finally, JMP Securities started coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 target price for the company. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $5.11.

Blend Labs Stock Down 8.8 %

The stock has a market cap of $982.77 million, a P/E ratio of -11.29 and a beta of 1.33. The firm's 50 day simple moving average is $4.56 and its two-hundred day simple moving average is $3.71.

Insider Buying and Selling

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the firm's 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 sale, the director now directly owns 331,130 shares in the company, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Oxana Tkach sold 18,324 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the sale, the insider now directly owns 88,677 shares in the company, valued at approximately $459,346.86. This trade represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 231,782 shares of company stock worth $1,139,578 over the last quarter. 13.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs during the second quarter valued at approximately $31,000. Xponance Inc. bought a new position in Blend Labs during the 2nd quarter valued at $35,000. Virtu Financial LLC acquired a new position in shares of Blend Labs during the 3rd quarter valued at $63,000. RiverPark Advisors LLC bought a new stake in shares of Blend Labs in the 3rd quarter worth $77,000. Finally, FMR LLC lifted its holdings in shares of Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after buying an additional 3,576 shares during the period. 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.