The Goldman Sachs Group Has Lowered Expectations for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its price objective cut by The Goldman Sachs Group from $5.60 to $4.80 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently commented on the company. Wells Fargo & Company lowered their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price objective on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research report on Monday, March 3rd. UBS Group lowered their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $5.25 target price on shares of Blend Labs in a report on Monday. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and an average target price of $4.83.

Blend Labs Trading Down 0.8%

NYSE:BLND opened at $3.60 on Monday. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53. The firm has a market cap of $934.78 million, a PE ratio of -10.59 and a beta of 1.29. The stock has a fifty day moving average price of $3.36 and a 200 day moving average price of $3.88.

Institutional Trading of Blend Labs

Several institutional investors have recently modified their holdings of the stock. Lightspeed Management Company L.L.C. purchased a new position in shares of Blend Labs in the 4th quarter valued at $97,366,000. Whitebark Investors LP acquired a new position in Blend Labs in the fourth quarter valued at $10,895,000. Principal Financial Group Inc. grew its holdings in shares of Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. Mirabella Financial Services LLP purchased a new position in shares of Blend Labs during the fourth quarter worth about $6,765,000. Finally, Invesco Ltd. increased its position in shares of Blend Labs by 1,230.9% during the fourth quarter. Invesco Ltd. now owns 1,576,347 shares of the company’s stock worth $6,636,000 after purchasing an additional 1,457,901 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.