Wells Fargo & Company Issues Pessimistic Forecast for Blend Labs (NYSE:BLND) Stock Price

Blend Labs (NYSE:BLND - Free Report) had its target price cut by Wells Fargo & Company from $6.00 to $5.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on BLND. Canaccord Genuity Group lowered their price target 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. UBS Group decreased their target price on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research report on Monday, March 3rd. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $4.70.

Blend Labs Trading Up 0.9 %

Shares of BLND traded up $0.03 during mid-day trading on Tuesday, reaching $3.31. The company had a trading volume of 1,640,410 shares, compared to its average volume of 2,959,936. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The firm has a fifty day simple moving average of $3.37 and a 200-day simple moving average of $3.90. The stock has a market cap of $859.48 million, a price-to-earnings ratio of -9.74 and a beta of 1.29.

Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the sale, the insider now owns 776,759 shares of the company's stock, valued at $2,897,311.07. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 13.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after purchasing an additional 3,576 shares during the last quarter. State Street Corp raised its position in shares of Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company's stock valued at $20,482,000 after purchasing an additional 1,995,362 shares in the last quarter. Barclays PLC boosted its stake in shares of Blend Labs by 263.1% during the 3rd quarter. Barclays PLC now owns 407,774 shares of the company's stock valued at $1,530,000 after buying an additional 295,460 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company's stock worth $17,880,000 after buying an additional 283,207 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Blend Labs in the third quarter worth $63,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.