Blend Labs (NYSE:BLND) Shares Down 6.4% - What's Next?

Blend Labs, Inc. (NYSE:BLND - Get Free Report) traded down 6.4% during trading on Friday . The company traded as low as $3.50 and last traded at $3.51. 164,588 shares changed hands during trading, a decline of 95% from the average session volume of 3,520,621 shares. The stock had previously closed at $3.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. UBS Group raised their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target 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. Wells Fargo & Company lifted their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Canaccord Genuity Group reissued a "buy" rating and issued a $5.75 price target on shares of Blend Labs in a research note on Friday, December 20th. Finally, Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Blend Labs has a consensus rating of "Moderate Buy" and a consensus price target of $5.11.

Blend Labs Stock Performance

The firm's 50 day simple moving average is $4.60 and its 200-day simple moving average is $3.76. The company has a market cap of $859.92 million, a price-to-earnings ratio of -9.88 and a beta of 1.38.

Insiders Place Their Bets

In other news, Director Timothy J. Mayopoulos sold 42,721 shares of Blend Labs stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total transaction of $213,605.00. Following the transaction, the director now owns 387,620 shares in the company, valued at $1,938,100. The trade was a 9.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Oxana Tkach sold 18,324 shares of Blend Labs stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now owns 88,677 shares in the company, valued at approximately $459,346.86. This represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,782 shares of company stock valued at $1,182,878 in the last 90 days. 13.21% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in Blend Labs by 193.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company's stock valued at $6,431,000 after buying an additional 1,130,706 shares during the period. Principal Financial Group Inc. raised its holdings in Blend Labs by 697.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company's stock valued at $10,249,000 after buying an additional 2,390,337 shares during the period. Franklin Resources Inc. purchased a new stake in Blend Labs in the 3rd quarter valued at about $2,463,000. Virtu Financial LLC purchased a new stake in Blend Labs in the 3rd quarter valued at about $63,000. Finally, Barclays PLC raised its holdings in Blend Labs by 263.1% in the 3rd quarter. Barclays PLC now owns 407,774 shares of the company's stock valued at $1,530,000 after buying an additional 295,460 shares during the period. 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.