Blend Labs (NYSE:BLND) Stock Price Down 3.1% – Here’s What Happened

Blend Labs, Inc. (NYSE:BLND)’s share price fell 3.1% during trading on Wednesday . The stock traded as low as $3.46 and last traded at $3.48. 3,076,856 shares traded hands during trading, a decline of 10% from the average session volume of 3,432,609 shares. The stock had previously closed at $3.59.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. UBS Group lowered their price objective on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company increased their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group cut their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods lowered their target price on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research note on Monday, March 3rd. Finally, Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.91.

Blend Labs Stock Performance

The company has a 50 day simple moving average of $3.64 and a 200 day simple moving average of $3.98. The company has a market capitalization of $914.01 million, a PE ratio of -10.35 and a beta of 1.40.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $2,853,348.19. This represents a 3.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 120,000 shares of company stock worth $433,800. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Large investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its stake in Blend Labs by 1.6% during the fourth quarter. California State Teachers Retirement System now owns 189,417 shares of the company’s stock worth $797,000 after buying an additional 3,049 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Blend Labs by 140.0% during the 4th quarter. Mackenzie Financial Corp now owns 35,067 shares of the company’s stock worth $148,000 after acquiring an additional 20,456 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Blend Labs by 107.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 374,682 shares of the company’s stock valued at $1,577,000 after acquiring an additional 194,310 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Blend Labs in the fourth quarter valued at about $1,278,000. Finally, Washington Harbour Partners LP acquired a new stake in Blend Labs during the fourth quarter worth about $1,126,000. 52.56% of the stock is currently owned by hedge funds and other 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.