Canaccord Genuity Group Lowers Blend Labs (NYSE:BLND) Price Target to $5.25

Blend Labs (NYSE:BLND) had its price target dropped by stock analysts at Canaccord Genuity Group from $5.75 to $5.25 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 68.00% from the stock’s previous close.

Several other research firms have also recently commented on BLND. Wells Fargo & Company boosted their target price on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. The Goldman Sachs Group boosted their target price on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Finally, UBS Group lowered their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.96.

Blend Labs Trading Down 11.0 %

BLND traded down $0.39 on Friday, hitting $3.13. 10,358,503 shares of the company were exchanged, compared to its average volume of 3,147,405. Blend Labs has a twelve month low of $2.08 and a twelve month high of $5.53. The company has a market cap of $799.78 million, a price-to-earnings ratio of -9.19 and a beta of 1.36. The firm has a 50-day moving average price of $3.87 and a two-hundred day moving average price of $4.02.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the company’s 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 completion of the transaction, the insider now directly owns 937,439 shares of the company’s stock, valued at approximately $4,799,687.68. This represents a 3.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the director now directly owns 331,130 shares of the company’s stock, valued at $1,821,215. The trade was a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,737 shares of company stock valued at $1,196,254. 13.21% of the stock is currently owned by corporate insiders.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp lifted its holdings in shares of Blend Labs by 140.0% in the 4th quarter. Mackenzie Financial Corp now owns 35,067 shares of the company’s stock valued at $148,000 after purchasing an additional 20,456 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Blend Labs by 107.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 374,682 shares of the company’s stock valued at $1,577,000 after purchasing an additional 194,310 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter valued at about $1,278,000. Washington Harbour Partners LP purchased a new stake in shares of Blend Labs in the 4th quarter valued at about $1,126,000. Finally, Whitebark Investors LP purchased a new stake in shares of Blend Labs in the 4th quarter valued at about $10,895,000. 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.