Canaccord Genuity Group Cuts Blend Labs (NYSE:BLND) Price Target to $5.25

Blend Labs (NYSE:BLND - Get Free Report) had its price target decreased by research analysts at Canaccord Genuity Group from $5.75 to $5.25 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 77.79% from the company's previous close.

A number of other equities research analysts have also commented on the company. UBS Group dropped their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Friday. Keefe, Bruyette & Woods raised their price target on Blend Labs from $3.25 to $3.85 and gave the stock a "market perform" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price target on Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Citizens Jmp raised Blend Labs to a "strong-buy" rating in a research report on Wednesday, December 18th. Finally, JMP Securities initiated coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 target price on the stock. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $4.91.

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Blend Labs Trading Down 0.6 %

Blend Labs stock traded down $0.02 during mid-day trading on Friday, hitting $2.95. The stock had a trading volume of 4,170,414 shares, compared to its average volume of 3,202,608. The stock has a 50-day simple moving average of $3.79 and a two-hundred day simple moving average of $4.00. The stock has a market capitalization of $755.76 million, a PE ratio of -8.69 and a beta of 1.36. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53.

Insider Transactions at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the business'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 completion of the sale, the director now directly owns 331,130 shares in the company, valued at $1,821,215. The trade was a 14.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian Kneafsey sold 30,000 shares of the business's 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 owns 836,759 shares of the company's stock, valued at $2,853,348.19. This trade represents a 3.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 270,737 shares of company stock worth $1,196,254. 13.21% of the stock is owned by company insiders.

Institutional Trading of Blend Labs

Several institutional investors have recently added to or reduced their stakes in the company. Lightspeed Management Company L.L.C. bought a new stake in Blend Labs in the 4th quarter valued at $97,366,000. Vanguard Group Inc. boosted its stake in Blend Labs by 2.4% in the 4th 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 boosted its stake in Blend Labs by 6.8% in the 4th quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company's stock valued at $29,803,000 after purchasing an additional 449,175 shares during the period. State Street Corp boosted its stake 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, Geode Capital Management LLC raised its holdings in 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 acquiring an additional 75,379 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

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.