Blend Labs, Inc. (NYSE:BLND) Insider Brian Kneafsey Sells 30,000 Shares

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.59, for a total value of $107,700.00. Following the completion of the transaction, the insider now directly owns 806,759 shares in the company, valued at $2,896,264.81. This trade represents a 3.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Brian Kneafsey also recently made the following trade(s):

• On Tuesday, January 14th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $3.41, for a total value of $102,300.00.
• On Tuesday, January 7th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $3.73, for a total value of $111,900.00.
• On Tuesday, December 31st, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $4.27, for a total value of $128,100.00.
• On Tuesday, December 17th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $5.05, for a total transaction of $151,500.00.
• On Tuesday, December 10th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $5.12, for a total transaction of $153,600.00.

Blend Labs Price Performance

BLND opened at $3.71 on Friday. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-year high of $5.53. The stock has a market cap of $948.22 million, a P/E ratio of -10.90 and a beta of 1.38. The stock’s 50 day simple moving average is $4.47 and its 200 day simple moving average is $3.85.

Blend Labs (NYSE:BLND) last posted its earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $45.18 million for the quarter, compared to analysts’ expectations of $41.30 million. During the same period in the prior year, the business earned ($0.13) EPS. Research analysts expect that Blend Labs, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Caprock Group LLC grew its holdings in Blend Labs by 142.5% in the fourth quarter. Caprock Group LLC now owns 75,032 shares of the company’s stock valued at $316,000 after purchasing an additional 44,096 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in shares of Blend Labs in the 4th quarter valued at $114,000. Revolve Wealth Partners LLC purchased a new stake in shares of Blend Labs during the 4th quarter valued at $132,000. JPMorgan Chase & Co. increased its holdings in shares of Blend Labs by 193.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after buying an additional 1,130,706 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Blend Labs by 697.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BLND. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. Wells Fargo & Company raised their price target 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 price target on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

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.