Canaccord Genuity Group Lowers Blend Labs (NYSE:BLND) Price Target to $5.25

Blend Labs (NYSE:BLND) had its target price lowered by Canaccord Genuity Group from $5.75 to $5.25 in a report published on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts also recently commented on BLND. UBS Group lowered their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday. The Goldman Sachs Group raised their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities initiated 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 for the company. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company raised their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Two research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.96.

Blend Labs Trading Down 11.0 %

Shares of NYSE:BLND opened at $3.13 on Friday. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The company has a 50-day moving average price of $3.85 and a 200 day moving average price of $4.01. The company has a market cap of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36.

Insider Activity

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the sale, the director now owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the sale, the insider now directly owns 907,439 shares of the company’s stock, valued at $4,582,566.95. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 270,737 shares of company stock valued at $1,196,254. Corporate insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several institutional investors have recently bought and sold shares of the business. FMR LLC increased its holdings in Blend Labs by 15.8% during the third 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 increased its holdings in Blend Labs by 6.3% during the fourth quarter. PFG Advisors now owns 67,762 shares of the company’s stock valued at $285,000 after buying an additional 3,986 shares during the period. Summit Trail Advisors LLC increased its holdings in Blend Labs by 38.1% during the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock valued at $76,000 after buying an additional 4,953 shares during the period. Pictet Asset Management Holding SA increased its holdings in Blend Labs by 31.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock valued at $120,000 after buying an additional 6,763 shares during the period. Finally, Next Century Growth Investors LLC increased its holdings in Blend Labs by 0.5% during the fourth quarter. Next Century Growth Investors LLC now owns 1,497,871 shares of the company’s stock valued at $6,306,000 after buying an additional 7,068 shares during the period. 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.