Blend Labs (NYSE:BLND) Stock Dropped to Hold by Wall Street Zen

Wall Street Zen downgraded shares of Blend Labs (NYSE:BLND) from a buy rating to a hold rating in a research report released on Sunday morning,Wall Street Zen reports.

Several other equities research analysts have also commented on the company. Weiss Ratings lowered Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Canaccord Genuity Group cut their target price on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Wells Fargo & Company decreased their target price on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a report on Friday, August 7th. Finally, Zacks Research raised shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.82.

Blend Labs Stock Up 0.4%

Shares of BLND stock opened at $1.18 on Friday. Blend Labs has a 52-week low of $0.88 and a 52-week high of $3.62. The stock has a market cap of $277.90 million, a PE ratio of -13.05 and a beta of 1.08. The business has a 50-day simple moving average of $1.26 and a 200-day simple moving average of $1.51.

Insiders Place Their Bets

In related news, insider Nima Ghamsari sold 27,775 shares of the business’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $0.92, for a total value of $25,553.00. Following the completion of the sale, the insider owned 7,750,693 shares of the company’s stock, valued at approximately $7,130,637.56. The trade was a 0.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Srinivasan Venkatramani sold 74,705 shares of the business’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the completion of the sale, the insider directly owned 236,563 shares of the company’s stock, valued at approximately $338,285.09. The trade was a 24.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 195,382 shares of company stock worth $231,260 in the last three months. 40.30% of the stock is owned by corporate insiders.

Institutional Trading of Blend Labs

Several institutional investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC purchased a new position in Blend Labs in the 2nd quarter valued at about $62,000. Squarepoint Ops LLC purchased a new position in shares of Blend Labs in the second quarter valued at approximately $212,000. Irenic Capital Management LP lifted its position in shares of Blend Labs by 3.6% in the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after acquiring an additional 79,901 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Blend Labs in the second quarter valued at approximately $68,000. Finally, Hyperion Capital Advisors LP acquired a new stake in shares of Blend Labs in the second quarter worth approximately $51,000. Institutional investors and hedge funds 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.