Keefe, Bruyette & Woods Has Lowered Expectations for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND) had its target price reduced by investment analysts at Keefe, Bruyette & Woods from $3.85 to $3.50 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 12.72% from the company’s previous close.

BLND has been the subject of a number of other research reports. JMP Securities initiated coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target for the company. Canaccord Genuity Group cut their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company boosted their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. UBS Group dropped their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday. Finally, Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Two investment 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 stock. According to MarketBeat.com, Blend Labs has an average rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Stock Down 0.8 %

Blend Labs stock traded down $0.03 during mid-day trading on Monday, reaching $3.11. 1,711,304 shares of the company’s stock were exchanged, compared to its average volume of 3,108,246. The company has a market cap of $794.66 million, a P/E ratio of -9.13 and a beta of 1.36. The company has a fifty day moving average of $3.85 and a 200-day moving average of $4.02. Blend Labs has a twelve month low of $2.08 and a twelve month high of $5.53.

Insiders Place Their Bets

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction 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. This trade represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $5.05, for a total transaction of $151,500.00. Following the completion of the transaction, the insider now directly owns 907,439 shares in the company, valued at $4,582,566.95. This represents a 3.20 % 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 owned by company insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors have recently added to or reduced their stakes in the business. 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 buying an additional 20,456 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Blend Labs by 107.7% during 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 worth $1,577,000 after purchasing an additional 194,310 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Blend Labs during the 4th quarter worth $1,278,000. Washington Harbour Partners LP purchased a new position in shares of Blend Labs in the 4th quarter valued at about $1,126,000. Finally, Whitebark Investors LP acquired a new stake in shares of Blend Labs in the fourth quarter valued at about $10,895,000. Hedge funds and other 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.