Blend Labs (NYSE:BLND) Shares Down 6.2% Following Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s share price dropped 6.2% on Thursday following insider selling activity. The company traded as low as $3.94 and last traded at $3.95. Approximately 2,450,225 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 2,411,210 shares. The stock had previously closed at $4.21.

Specifically, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $4.27, for a total value of $128,100.00. Following the completion of the transaction, the insider now directly owns 896,759 shares in the company, valued at approximately $3,829,160.93. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BLND. Wells Fargo & Company upped their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. The Goldman Sachs Group raised their price target 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. JMP Securities assumed coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. UBS Group raised their target price on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Price Performance

The firm has a market capitalization of $972.53 million, a P/E ratio of -11.18 and a beta of 1.33. The stock has a fifty day simple moving average of $4.58 and a two-hundred day simple moving average of $3.72.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BLND. FMR LLC lifted its position in shares of Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after buying an additional 3,576 shares in the last quarter. ClariVest Asset Management LLC lifted its holdings in Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after acquiring an additional 6,988 shares during the period. Dark Forest Capital Management LP purchased a new position in Blend Labs in the second quarter worth $31,000. Xponance Inc. purchased a new stake in shares of Blend Labs during the 2nd quarter valued at $35,000. Finally, EP Wealth Advisors LLC raised its stake in shares of Blend Labs by 8.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock worth $502,000 after purchasing an additional 16,084 shares during the period. 52.56% of the stock is owned by institutional investors.

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.