Oxana Tkach Sells 4,303 Shares of Blend Labs, Inc. (NYSE:BLND) Stock

Blend Labs, Inc. (NYSE:BLND) insider Oxana Tkach sold 4,303 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $3.98, for a total transaction of $17,125.94. Following the sale, the insider now directly owns 88,651 shares of the company’s stock, valued at approximately $352,830.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Blend Labs Stock Performance

BLND traded up $0.04 during midday trading on Tuesday, reaching $3.90. 2,037,230 shares of the company were exchanged, compared to its average volume of 2,361,489. The company has a market cap of $984.27 million, a price-to-earnings ratio of -6.65 and a beta of 1.15. Blend Labs, Inc. has a one year low of $1.10 and a one year high of $4.22. The company’s fifty day moving average price is $3.43 and its 200 day moving average price is $2.95.

Blend Labs (NYSE:BLND) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. The firm had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. As a group, sell-side analysts anticipate that Blend Labs, Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Blend Labs

Institutional investors and hedge funds have recently modified their holdings of the business. ShawSpring Partners LLC boosted its position in Blend Labs by 58.7% in the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after purchasing an additional 2,485,283 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock worth $2,332,000 after buying an additional 692,220 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in Blend Labs during the first quarter worth about $1,538,000. Finally, Squarepoint Ops LLC raised its position in Blend Labs by 253.8% in the second quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock worth $1,235,000 after acquiring an additional 375,233 shares during the period. 52.56% of the stock is owned by hedge funds and other 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.