UBS Group Has Lowered Expectations for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its target price reduced by analysts at UBS Group from $4.00 to $3.50 in a report released on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 9.55% from the stock’s previous close.

Other analysts have also issued reports about the company. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.04.

Blend Labs Trading Down 9.0 %

Shares of BLND traded down $0.32 during midday trading on Friday, hitting $3.20. 7,832,199 shares of the company’s stock traded hands, compared to its average volume of 3,077,783. Blend Labs has a 1 year low of $2.08 and a 1 year high of $5.53. The firm’s fifty day moving average is $3.87 and its 200-day moving average is $4.02. The stock has a market capitalization of $817.70 million, a price-to-earnings ratio of -9.40 and a beta of 1.36.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total transaction of $153,600.00. Following the transaction, the insider now directly owns 937,439 shares of the company’s stock, valued at $4,799,687.68. The trade was a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,737 shares of company stock valued at $1,196,254 over the last three months. 13.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently modified their holdings of BLND. JPL Wealth Management LLC acquired a new position in Blend Labs in the 4th quarter valued at $42,000. Balyasny Asset Management L.P. bought a new position in shares of Blend Labs in the fourth quarter worth about $46,000. Olympiad Research LP acquired a new position in shares of Blend Labs during the 4th quarter worth about $47,000. Trellis Wealth Advisors LLC bought a new stake in Blend Labs during the 4th quarter valued at approximately $57,000. Finally, BBR Partners LLC acquired a new stake in Blend Labs in the 4th quarter valued at approximately $60,000. Institutional investors own 52.56% of the company’s stock.

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.