Blend Labs (NYSE:BLND) Stock Price Down 4.5%

Blend Labs, Inc. (NYSE:BLND)’s stock price dropped 4.5% on Wednesday . The stock traded as low as $3.80 and last traded at $3.82. Approximately 538,875 shares changed hands during trading, a decline of 76% from the average daily volume of 2,237,684 shares. The stock had previously closed at $4.00.

Wall Street Analyst Weigh In

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

Blend Labs Price Performance

The firm has a market capitalization of $943.89 million, a PE ratio of -6.46 and a beta of 1.10. The company’s fifty day simple moving average is $3.01 and its 200 day simple moving average is $2.84.

Institutional Trading of Blend Labs

Institutional investors have recently modified their holdings of the business. JPL Wealth Management LLC bought a new stake in Blend Labs during the 4th quarter worth approximately $26,000. Dark Forest Capital Management LP bought a new stake in Blend Labs during the second quarter valued at approximately $31,000. Xponance Inc. bought a new stake in Blend Labs during the second quarter valued at approximately $35,000. AMG National Trust Bank bought a new stake in Blend Labs during the fourth quarter valued at approximately $37,000. Finally, Berylson Capital Partners LLC bought a new stake in Blend Labs during the fourth quarter valued at approximately $52,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.