Insider Selling: Blend Labs, Inc. (NYSE:BLND) Insider Sells 30,000 Shares of Stock

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $3.41, for a total transaction of $102,300.00. Following the completion of the sale, the insider now owns 836,759 shares in the company, valued at $2,853,348.19. The trade was a 3.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, January 7th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $3.73, for a total transaction 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 value 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 value of $153,600.00.

Blend Labs Price Performance

NYSE BLND traded down $0.12 during trading hours on Thursday, hitting $3.61. 2,127,914 shares of the company’s stock traded hands, compared to its average volume of 4,075,370. The firm’s 50-day moving average is $4.58 and its 200-day moving average is $3.80. The company has a market capitalization of $922.63 million, a PE ratio of -10.60 and a beta of 1.38. Blend Labs, Inc. has a 52-week low of $2.08 and a 52-week high of $5.53.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently added to or reduced their stakes in the stock. ShawSpring Partners LLC increased its stake in shares of Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after acquiring an additional 2,485,283 shares during the last quarter. Principal Financial Group Inc. increased its position in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. State Street Corp increased its position in Blend Labs by 57.6% during the third quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Summit Partners Public Asset Management LLC raised its stake in Blend Labs by 452.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after purchasing an additional 1,552,865 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Blend Labs by 193.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock valued at $6,431,000 after purchasing an additional 1,130,706 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BLND shares. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. UBS Group increased their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. JMP Securities started coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price for the company. Finally, Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.