Blend Labs (NYSE:BLND) Shares Gap Down to $4.10

Shares of Blend Labs, Inc. (NYSE:BLND) gapped down prior to trading on Thursday . The stock had previously closed at $4.10, but opened at $3.92. Blend Labs shares last traded at $3.71, with a volume of 325,017 shares changing hands.

Analyst Ratings Changes

BLND has been the topic of a number of recent analyst reports. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods lifted their target price 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. The Goldman Sachs Group boosted their price target on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a report on Friday, August 9th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Finally, Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and boosted their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. One 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 stock has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Blend Labs Trading Down 8.0 %

The firm has a fifty day moving average of $2.85 and a two-hundred day moving average of $2.80. The company has a market cap of $951.47 million, a PE ratio of -6.40 and a beta of 1.10.

Insider Transactions at Blend Labs

In related news, insider Nima Ghamsari sold 81,434 shares of Blend Labs stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $2.93, for a total value of $238,601.62. Following the completion of the transaction, the insider now directly owns 2,103,516 shares in the company, valued at approximately $6,163,301.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 11.83% of the company’s stock.

Institutional Trading of Blend Labs

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. G2 Investment Partners Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter valued at about $956,000. Truist Financial Corp bought a new stake in shares of Blend Labs during the 4th quarter worth $255,000. Susquehanna Fundamental Investments LLC bought a new position in Blend Labs in the first quarter valued at $94,000. Jump Financial LLC bought a new stake in Blend Labs during the fourth quarter worth about $132,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Blend Labs by 2,656.9% during the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after buying an additional 692,220 shares in the last quarter. 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.