Blend Labs, Inc. (NYSE:BLND) Insider Sells $107,700.00 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.59, for a total transaction of $107,700.00. Following the sale, the insider now owns 806,759 shares in the company, valued at approximately $2,896,264.81. This represents a 3.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Brian Kneafsey also recently made the following trade(s):

• On Tuesday, January 14th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $3.41, for a total transaction of $102,300.00.
• On Tuesday, January 7th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $3.73, for a total value of $111,900.00.
• On Tuesday, December 31st, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $4.27, for a total value of $128,100.00.
• On Tuesday, December 17th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $5.05, for a total value of $151,500.00.
• On Tuesday, December 10th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was sold at an average price of $5.12, for a total transaction of $153,600.00.

Blend Labs Stock Performance

NYSE BLND opened at $3.70 on Friday. Blend Labs, Inc. has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The firm has a market capitalization of $945.66 million, a P/E ratio of -10.87 and a beta of 1.38. The stock’s fifty day moving average is $4.46 and its two-hundred day moving average is $3.87.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $45.18 million for the quarter, compared to analysts’ expectations of $41.30 million. During the same quarter last year, the firm posted ($0.13) earnings per share. As a group, sell-side analysts forecast that Blend Labs, Inc. will post -0.19 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. JMP Securities initiated coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price for the company. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. UBS Group raised their target price on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.75 target price on shares of Blend Labs in a research note on Friday, December 20th. Two equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Institutional Trading of Blend Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its position in Blend Labs by 4,370.6% in the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after acquiring an additional 267,307 shares during the period. Xponance Inc. purchased a new position in shares of Blend Labs during the 2nd quarter worth $35,000. Squarepoint Ops LLC increased its position in shares of Blend Labs by 253.8% during the 2nd quarter. Squarepoint Ops LLC now owns 523,094 shares of the company’s stock worth $1,235,000 after purchasing an additional 375,233 shares during the last quarter. Caxton Associates LP raised its holdings in Blend Labs by 176.0% in the 2nd quarter. Caxton Associates LP now owns 51,260 shares of the company’s stock valued at $121,000 after buying an additional 32,686 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in Blend Labs in the second quarter valued at about $31,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.