Blend Labs (NYSE:BLND) Stock Price Down 5.6% – What’s Next?

Blend Labs, Inc. (NYSE:BLND)’s share price dropped 5.6% during trading on Thursday . The stock traded as low as $3.70 and last traded at $3.70. Approximately 474,542 shares were traded during trading, a decline of 79% from the average daily volume of 2,283,497 shares. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BLND. The Goldman Sachs Group boosted their target price on Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research report on Friday, August 9th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and upped their price objective for the company from $3.00 to $4.75 in a research note on Monday, August 12th. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods upped their price target on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research report on Monday, August 12th. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Blend Labs has an average rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Stock Down 7.4 %

The stock has a market cap of $916.13 million, a PE ratio of -6.36 and a beta of 1.15. The business’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $3.04.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. As a group, equities research analysts anticipate that Blend Labs, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Winnie Ling sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $4.06, for a total transaction of $40,600.00. Following the transaction, the insider now owns 279,169 shares in the company, valued at $1,133,426.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 54,303 shares of company stock valued at $192,926 over the last quarter. 11.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently bought and sold shares of the business. ShawSpring Partners LLC increased its holdings in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after acquiring an additional 2,485,283 shares in the last quarter. Acadian Asset Management LLC increased its stake in Blend Labs by 2,656.9% during the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after purchasing an additional 692,220 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Blend Labs in the third quarter worth approximately $1,803,000. Finally, Lake Street Advisors Group LLC purchased a new stake in shares of Blend Labs during the first quarter valued at approximately $1,538,000. 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.