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

Blend Labs (NYSE:BLND) had its price target dropped by research analysts at Canaccord Genuity Group from $5.75 to $5.25 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 68.00% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. UBS Group reduced their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday. JMP Securities began coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price for the company. Wells Fargo & Company increased their target price on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4.96.

Blend Labs Price Performance

BLND stock traded down $0.39 during mid-day trading on Friday, reaching $3.13. 10,358,503 shares of the company’s stock were exchanged, compared to its average volume of 3,147,405. The company has a market cap of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36. The stock’s 50 day moving average is $3.87 and its 200 day moving average is $4.02. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53.

Insider Activity at Blend Labs

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value 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. This trade represents a 14.57 % 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. Also, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total value of $153,600.00. Following the sale, the insider now directly owns 937,439 shares of the company’s stock, valued at approximately $4,799,687.68. This trade represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 270,737 shares of company stock valued at $1,196,254. 13.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after acquiring an additional 283,207 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blend Labs during the third quarter worth $676,000. Advantage Alpha Capital Partners LP acquired a new stake in Blend Labs during the third quarter worth $3,253,000. Charles Schwab Investment Management Inc. boosted its position in shares of Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock worth $6,161,000 after buying an additional 120,152 shares during the period. Finally, Fullcircle Wealth LLC purchased a new position in shares of Blend Labs during the third quarter worth $508,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.