Blend Labs (NYSE:BLND) Shares Gap Down Following Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s stock price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $3.91, but opened at $3.80. Blend Labs shares last traded at $3.87, with a volume of 150,177 shares trading hands.

Specifically, insider Winnie Ling sold 10,000 shares of Blend Labs stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total transaction of $40,600.00. Following the completion of the sale, the insider now owns 279,169 shares of the company’s stock, valued at approximately $1,133,426.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BLND shares. Keefe, Bruyette & Woods lifted their price objective on Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a research note on Monday, August 12th. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and upped their price target for the company from $3.00 to $4.75 in a research note on Monday, August 12th. The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.00 to $4.75 in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Blend Labs Price Performance

The company has a market cap of $903.51 million, a P/E ratio of -6.17 and a beta of 1.15. The company’s 50-day moving average price is $3.50 and its 200-day moving average price is $3.00.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $39.50 million. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. On average, equities research analysts predict that Blend Labs, Inc. will post -0.27 EPS for the current year.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently bought and sold shares of BLND. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs during the 2nd quarter worth approximately $31,000. Xponance Inc. bought a new position in Blend Labs during the 2nd quarter worth $35,000. Caxton Associates LP acquired a new stake in shares of Blend Labs during the first quarter worth $60,000. Cannon Global Investment Management LLC bought a new stake in shares of Blend Labs in the first quarter valued at about $65,000. Finally, Berylson Capital Partners LLC acquired a new position in shares of Blend Labs in the fourth quarter valued at about $52,000. Institutional investors 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.