Blend Labs (NYSE:BLND) Stock Price Down 4.9% - What's Next?

Shares of Blend Labs, Inc. (NYSE:BLND - Get Free Report) dropped 4.9% during mid-day trading on Wednesday . The stock traded as low as $3.28 and last traded at $3.28. Approximately 127,080 shares traded hands during trading, a decline of 94% from the average daily volume of 2,269,819 shares. The stock had previously closed at $3.45.

Wall Street Analyst Weigh In

BLND has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.00 to $3.25 and gave the company a "market perform" rating in a research note on Monday, August 12th. William Blair raised shares of Blend Labs from a "market perform" rating to an "outperform" rating in a report on Friday, August 9th. The Goldman Sachs Group upped their target price on shares of Blend Labs from $3.00 to $3.40 and gave the company a "buy" rating in a research note on Friday, August 9th. Canaccord Genuity Group upgraded Blend Labs from a "hold" rating to a "buy" rating and lifted their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. Finally, Canaccord Genuity Group raised Blend Labs from a "hold" rating to a "buy" rating and boosted their price objective for the company from $3.00 to $4.75 in a report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $3.94.

Blend Labs Trading Down 3.9 %

The firm has a market cap of $836.63 million, a P/E ratio of -5.52 and a beta of 1.15. The business's 50-day moving average is $3.70 and its two-hundred day moving average is $3.05.

Blend Labs (NYSE:BLND - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. On average, analysts anticipate that Blend Labs, Inc. will post -0.27 earnings per share for the current year.

Insider Buying and Selling at Blend Labs

In other news, insider Winnie Ling sold 20,000 shares of the company's stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.43, for a total transaction of $68,600.00. Following the completion of the transaction, the insider now owns 259,169 shares in the company, valued at approximately $888,949.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 54,303 shares of company stock worth $192,926. 11.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ShawSpring Partners LLC lifted its holdings in Blend Labs by 58.7% in the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company's stock worth $15,850,000 after purchasing an additional 2,485,283 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Blend Labs by 2,656.9% in the first quarter. Acadian Asset Management LLC now owns 718,274 shares of the company's stock valued at $2,332,000 after acquiring an additional 692,220 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company's stock valued at $1,546,000 after acquiring an additional 638,102 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Blend Labs during the third quarter valued at approximately $1,803,000. Finally, Lake Street Advisors Group LLC bought a new stake in Blend Labs during the first quarter worth approximately $1,538,000. 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.