Blend Labs (NYSE:BLND) Stock Price Down 5.4% on Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s share price was down 5.4% during trading on Monday after an insider sold shares in the company. The company traded as low as $3.69 and last traded at $3.70. Approximately 897,526 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 2,313,856 shares. The stock had previously closed at $3.91.

Specifically, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total transaction of $66,600.00. Following the completion of the sale, the insider now owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

A number of research firms recently commented on BLND. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their price objective for the company from $3.00 to $4.75 in a report on Monday, August 12th. The Goldman Sachs Group lifted their price objective on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research note on Friday, August 9th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and increased their target price for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Keefe, Bruyette & Woods boosted their price target on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a report on Monday, August 12th. Finally, William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.93.

Blend Labs Price Performance

The company has a market capitalization of $943.89 million, a price-to-earnings ratio of -6.45 and a beta of 1.15. The firm has a 50-day moving average price of $3.29 and a two-hundred day moving average price of $2.91.

Blend Labs (NYSE:BLND) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The company had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $39.50 million. On average, equities analysts predict that Blend Labs, Inc. will post -0.27 EPS for the current year.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the 4th quarter worth about $26,000. Dark Forest Capital Management LP bought a new position in Blend Labs during the second quarter worth about $31,000. Xponance Inc. acquired a new position in Blend Labs during the second quarter worth approximately $35,000. AMG National Trust Bank bought a new stake in Blend Labs in the fourth quarter valued at approximately $37,000. Finally, Berylson Capital Partners LLC acquired a new stake in shares of Blend Labs in the fourth quarter valued at approximately $52,000. 52.56% of the stock is owned by 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.