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

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $4.27, for a total value of $128,100.00. Following the sale, the insider now owns 896,759 shares in the company, valued at approximately $3,829,160.93. The trade was a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, December 17th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were 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 stock was sold at an average price of $5.12, for a total transaction of $153,600.00.

Blend Labs Trading Down 8.8 %

Shares of Blend Labs stock opened at $3.84 on Friday. The company has a market capitalization of $982.77 million, a P/E ratio of -11.29 and a beta of 1.33. The stock has a fifty day simple moving average of $4.57 and a 200 day simple moving average of $3.71. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53.

Institutional Trading of Blend Labs

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted 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 purchasing an additional 638,102 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Blend Labs in the 2nd quarter worth approximately $809,000. Rhumbline Advisers grew its holdings in shares of Blend Labs by 4,370.6% in the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock valued at $645,000 after acquiring an additional 267,307 shares in the last quarter. Acadian Asset Management LLC increased 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 valued at $1,840,000 after acquiring an additional 62,000 shares during the last quarter. Finally, ClariVest Asset Management LLC lifted its holdings in Blend Labs by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after acquiring an additional 6,988 shares during the period. Institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. UBS Group raised their price target on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. JMP Securities assumed coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target on the stock. Wells Fargo & Company boosted their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Company Profile

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.