Blend Labs (NYSE:BLND) Shares Gap Down – Should You Sell?

Blend Labs, Inc. (NYSE:BLND)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $3.19, but opened at $3.05. Blend Labs shares last traded at $3.09, with a volume of 328,695 shares traded.

Wall Street Analysts Forecast Growth

BLND has been the subject of several recent research reports. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. UBS Group decreased their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Keefe, Bruyette & Woods lowered their price target on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research report on Monday, March 3rd. JMP Securities assumed coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company. Finally, Canaccord Genuity Group lowered their target price on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Stock Performance

The stock has a market cap of $788.07 million, a PE ratio of -8.86 and a beta of 1.29. The company’s 50-day moving average price is $3.58 and its 200 day moving average price is $3.95.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now directly owns 776,759 shares in the company, valued at $2,897,311.07. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 90,000 shares of company stock worth $321,900. 13.21% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

Institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted 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 purchasing an additional 3,049 shares in the last quarter. FMR LLC raised its holdings in shares of Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after buying an additional 3,576 shares during the period. PFG Advisors lifted its stake in Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company’s stock worth $285,000 after acquiring an additional 3,986 shares in the last quarter. Summit Trail Advisors LLC boosted its holdings in Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock valued at $76,000 after acquiring an additional 4,953 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Blend Labs by 31.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock valued at $120,000 after acquiring an additional 6,763 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Company Profile

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.