Blend Labs (NYSE:BLND) Given New $2.00 Price Target at Canaccord Genuity Group

Blend Labs (NYSE:BLND) had its price target cut by Canaccord Genuity Group from $3.00 to $2.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on BLND. Citizens Jmp dropped their price target on shares of Blend Labs from $4.00 to $2.50 and set a “market outperform” rating on the stock in a research note on Friday. Weiss Ratings cut shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.23.

Blend Labs Stock Performance

Shares of Blend Labs stock opened at $0.98 on Friday. Blend Labs has a one year low of $0.85 and a one year high of $3.44. The company has a market cap of $230.84 million, a P/E ratio of -6.97 and a beta of 1.05. The firm has a fifty day moving average of $1.19 and a two-hundred day moving average of $1.59.

Insiders Place Their Bets

In other Blend Labs news, insider Nima Ghamsari sold 27,775 shares of the firm’s stock in a transaction on Monday, October 19th. The stock was 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. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the insider owned 236,563 shares in the company, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 239,072 shares of company stock worth $281,085 in the last ninety days. 40.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in BLND. Irenic Capital Management LP boosted its holdings in Blend Labs by 3.6% during the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock worth $3,906,000 after buying an additional 79,901 shares in the last quarter. Rice Hall James & Associates LLC grew its position in Blend Labs by 14.0% during the first quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock worth $1,711,000 after buying an additional 123,699 shares during the period. Bank of America Corp DE increased its holdings in Blend Labs by 6.8% in the first quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after buying an additional 21,713 shares in the last quarter. Sei Investments Co. increased its holdings in Blend Labs by 99.0% in the first quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock valued at $440,000 after buying an additional 128,677 shares in the last quarter. Finally, State of Wyoming purchased a new position in Blend Labs in the third quarter valued at about $225,000. 52.56% of the stock is owned by institutional investors and hedge funds.

About Blend Labs

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.