Blend Labs (NYSE:BLND) Shares Down 5.3%

Blend Labs, Inc. (NYSE:BLND)’s share price dropped 5.3% during mid-day trading on Monday . The company traded as low as $3.72 and last traded at $3.75. Approximately 379,217 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,351,538 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

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

Blend Labs Stock Down 2.5 %

The stock has a market capitalization of $974.18 million, a price-to-earnings ratio of -6.47 and a beta of 1.15. The business’s 50-day moving average is $3.41 and its two-hundred day moving average is $2.95.

Blend Labs (NYSE:BLND) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $39.50 million. As a group, analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity at Blend Labs

In other news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $953,765.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Blend Labs by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock valued at $30,060,000 after purchasing an additional 46,526 shares during the last quarter. ShawSpring Partners LLC boosted its position in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after buying an additional 2,485,283 shares during the period. Acadian Asset Management LLC boosted its position in shares of Blend Labs by 8.6% during the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after buying an additional 62,000 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after buying an additional 638,102 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Blend Labs by 253.8% in the 2nd quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock valued at $1,235,000 after buying an additional 375,233 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.