Blend Labs, Inc. (NYSE:BLND) Insider Sells $153,600.00 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $5.12, for a total transaction of $153,600.00. Following the transaction, the insider now owns 937,439 shares in the company, valued at $4,799,687.68. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Blend Labs Trading Down 3.1 %

Blend Labs stock opened at $4.92 on Friday. The firm has a market cap of $1.26 billion, a PE ratio of -14.47 and a beta of 1.33. Blend Labs, Inc. has a 12 month low of $1.99 and a 12 month high of $5.53. The stock’s 50 day simple moving average is $4.32 and its two-hundred day simple moving average is $3.55.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BLND shares. Canaccord Genuity Group upped their target price on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. UBS Group upped their target price on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their price target on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.79.

Institutional Trading of Blend Labs

A number of hedge funds have recently added to or reduced their stakes in BLND. Bank of New York Mellon Corp raised its position 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 worth $1,546,000 after acquiring an additional 638,102 shares during the period. Principal Financial Group Inc. acquired a new position in Blend Labs in the 2nd quarter worth about $809,000. Rhumbline Advisers boosted its position in Blend Labs by 4,370.6% during the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after purchasing an additional 267,307 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Blend Labs by 8.6% in the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock valued at $1,840,000 after purchasing an additional 62,000 shares during the period. Finally, ClariVest Asset Management LLC increased its position in shares of Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after buying an additional 6,988 shares in the last quarter. 52.56% of the stock is 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.