Blend Labs (NYSE:BLND) Trading Down 6.4% - Time to Sell?

Blend Labs, Inc. (NYSE:BLND - Get Free Report) fell 6.4% during trading on Friday . The stock traded as low as $3.33 and last traded at $3.29. 778,031 shares changed hands during trading, a decline of 74% from the average session volume of 3,008,706 shares. The stock had previously closed at $3.51.

Analysts Set New Price Targets

Several research firms have recently commented on BLND. JMP Securities reaffirmed a "market outperform" rating and set a $7.00 price target on shares of Blend Labs in a research report on Wednesday, May 28th. The Goldman Sachs Group reduced their price target on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research report on Monday, May 12th. Wells Fargo & Company cut their price objective on Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Canaccord Genuity Group reissued a "buy" rating and issued a $5.25 target price on shares of Blend Labs in a report on Monday, May 12th. Finally, UBS Group reduced their target price 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. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.90.

Blend Labs Stock Performance

The company has a market capitalization of $837.41 million, a PE ratio of -9.49 and a beta of 1.30. The company's fifty day moving average is $3.40 and its 200-day moving average is $3.76.

Insiders Place Their Bets

In other Blend Labs news, insider Nima Ghamsari sold 75,720 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the completion of the transaction, the insider now directly owns 6,065,937 shares in the company, valued at $20,017,592.10. This represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 35.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in shares of Blend Labs by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 189,417 shares of the company's stock valued at $797,000 after acquiring an additional 3,049 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Blend Labs by 6.1% during the 1st quarter. Arizona State Retirement System now owns 61,485 shares of the company's stock valued at $206,000 after acquiring an additional 3,559 shares during the last quarter. PFG Advisors boosted its position in shares of Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company's stock valued at $285,000 after acquiring an additional 3,986 shares during the last quarter. Summit Trail Advisors LLC boosted its position in shares of Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock valued at $76,000 after acquiring an additional 4,953 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Blend Labs by 0.5% during the 1st quarter. Deutsche Bank AG now owns 1,209,057 shares of the company's stock valued at $4,050,000 after acquiring an additional 5,546 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

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.