Blend Labs (NYSE:BLND) Shares Down 6.2% – What’s Next?

Blend Labs, Inc. (NYSE:BLND)’s stock price was down 6.2% on Friday . The stock traded as low as $4.07 and last traded at $4.11. Approximately 386,215 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 2,278,364 shares. The stock had previously closed at $4.38.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group upped their price target on shares of Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, UBS Group boosted their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.46.

Blend Labs Stock Down 2.3 %

The stock has a fifty day moving average of $3.76 and a two-hundred day moving average of $3.20.

Insiders Place Their Bets

In other news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the transaction, the insider now directly owns 259,169 shares of the company’s stock, valued at $888,949.67. The trade was a 7.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 54,303 shares of company stock worth $192,926. 13.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in Blend Labs during the third quarter worth $660,000. Fullcircle Wealth LLC bought a new stake in shares of Blend Labs in the 3rd quarter worth $508,000. Principal Financial Group Inc. purchased a new stake in shares of Blend Labs in the second quarter valued at about $809,000. ShawSpring Partners LLC lifted its position in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after purchasing an additional 2,485,283 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Blend Labs during the 1st quarter valued at $94,000. 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.