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

Blend Labs (NYSE:BLND) had its target price decreased by Keefe, Bruyette & Woods from $3.85 to $3.50 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 18.52% from the company’s previous close.

Several other analysts have also recently commented on the company. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Canaccord Genuity Group cut their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company boosted their target price 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 cut their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Finally, The Goldman Sachs Group boosted their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two 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 company’s stock. Based on data from MarketBeat.com, Blend Labs has an average rating of “Moderate Buy” and an average target price of $4.91.

Blend Labs Stock Down 0.6 %

NYSE BLND opened at $2.95 on Monday. The stock has a market capitalization of $755.76 million, a P/E ratio of -8.69 and a beta of 1.36. Blend Labs has a 52-week low of $2.08 and a 52-week high of $5.53. The firm has a 50-day moving average price of $3.79 and a 200 day moving average price of $4.00.

Insider Buying and Selling

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the firm’s 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 transaction, the director now owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $5.12, for a total value of $153,600.00. Following the completion of the sale, the insider now owns 937,439 shares in the company, valued at $4,799,687.68. This represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,737 shares of company stock worth $1,196,254 in the last three months. Corporate insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in shares of Blend Labs by 140.0% during the fourth 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 raised its holdings in Blend Labs by 107.7% in 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 valued at $1,577,000 after acquiring an additional 194,310 shares during the last quarter. Voloridge Investment Management LLC purchased 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 during the 4th quarter worth $1,126,000. Finally, Whitebark Investors LP acquired a new stake in shares of Blend Labs during the fourth quarter worth $10,895,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.