UBS Group Cuts Blend Labs (NYSE:BLND) Price Target to $3.50

Blend Labs (NYSE:BLND) had its target price decreased by UBS Group from $4.00 to $3.50 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s target price points to a potential upside of 9.55% from the stock’s current price.

BLND has been the subject of a number of other research reports. 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 report on Thursday, November 7th. Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group reissued a “buy” rating and set a $5.75 price objective on shares of Blend Labs in a report on Friday, December 20th. JMP Securities started coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Finally, Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.04.

Blend Labs Stock Performance

Shares of NYSE:BLND traded down $0.32 during midday trading on Friday, reaching $3.20. 7,832,199 shares of the company’s stock were exchanged, compared to its average volume of 3,077,783. The firm has a market capitalization of $817.70 million, a PE ratio of -9.40 and a beta of 1.36. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53. The company’s 50 day simple moving average is $3.87 and its two-hundred day simple moving average is $4.02.

Insider Buying and Selling at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $5.05, for a total value of $151,500.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction 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 sale, the director now owns 331,130 shares in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,737 shares of company stock worth $1,196,254 over the last quarter. Corporate insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings 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 valued at $17,880,000 after purchasing an additional 283,207 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Blend Labs in the third quarter worth about $676,000. Advantage Alpha Capital Partners LP bought a new position in shares of Blend Labs during the third quarter valued at $3,253,000. Charles Schwab Investment Management Inc. raised its holdings in Blend Labs by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock worth $6,161,000 after purchasing an additional 120,152 shares during the period. Finally, Fullcircle Wealth LLC bought a new stake in Blend Labs during the 3rd quarter worth approximately $508,000. Hedge funds and other institutional investors 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.