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

Blend Labs (NYSE:BLND) had its price objective dropped by investment analysts at Canaccord Genuity Group from $3.00 to $2.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s price objective suggests a potential upside of 104.92% from the stock’s current price.

A number of other analysts have also recently issued reports on BLND. Wells Fargo & Company decreased their target price on Blend Labs from $3.00 to $2.00 and set an “overweight” rating for the company in a report on Friday. Citizens Jmp cut their price target on shares of Blend Labs from $4.00 to $2.50 and set a “market outperform” rating on the stock in a report on Friday. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Blend Labs from a “buy” rating to a “hold” rating in a research report on Sunday, October 25th. Finally, The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a research note on Friday, August 7th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.23.

Blend Labs Price Performance

Blend Labs stock opened at $0.98 on Friday. The stock’s 50-day moving average is $1.19 and its 200-day moving average is $1.59. The company has a market cap of $230.84 million, a price-to-earnings ratio of -6.97 and a beta of 1.05. Blend Labs has a 12 month low of $0.85 and a 12 month high of $3.44.

Insider Transactions at Blend Labs

In other Blend Labs news, insider Srinivasan Venkatramani sold 74,705 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the transaction, the insider owned 236,563 shares in the company, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nima Ghamsari sold 27,775 shares of the company’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $0.92, for a total value of $25,553.00. Following the completion of the sale, the insider directly owned 7,750,693 shares of the company’s stock, valued at $7,130,637.56. The trade was a 0.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 239,072 shares of company stock worth $281,085. 40.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC grew its position in Blend Labs by 25.0% in the first quarter. Chicago Partners Investment Group LLC now owns 67,224 shares of the company’s stock valued at $108,000 after acquiring an additional 13,428 shares in the last quarter. Essential Partners LLC raised its stake in shares of Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after purchasing an additional 15,673 shares during the period. Bank of America Corp DE raised its stake in shares of Blend Labs by 6.8% during the first quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after purchasing an additional 21,713 shares during the period. Caerus Investment Advisors LLC purchased a new stake in shares of Blend Labs during the first quarter valued at approximately $41,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Blend Labs by 15.8% during the third quarter. Russell Investments Group Ltd. now owns 185,412 shares of the company’s stock worth $191,000 after purchasing an additional 25,276 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.