Blend Labs (NYSE:BLND) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Blend Labs (NYSE:BLND) from a buy rating to a hold rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a report on Friday, August 7th. Canaccord Genuity Group lowered their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $4.00 target price on shares of Blend Labs in a research note on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.82.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $1.17 on Friday. Blend Labs has a 1 year low of $0.88 and a 1 year high of $3.62. The firm has a market capitalization of $275.54 million, a price-to-earnings ratio of -12.94 and a beta of 1.08. The business’s 50 day moving average price is $1.24 and its 200-day moving average price is $1.67.

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 27,775 shares of the stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $0.92, for a total transaction of $25,553.00. Following the sale, the insider owned 7,750,693 shares of the company’s stock, valued at approximately $7,130,637.56. This represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 stock in a transaction that occurred 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 approximately $338,285.09. This trade represents a 24.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 195,382 shares of company stock worth $231,260 over the last 90 days. 40.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLND. Sequoia Financial Advisors LLC purchased a new stake in shares of Blend Labs in the second quarter valued at about $62,000. Squarepoint Ops LLC acquired a new stake in shares of Blend Labs during the second quarter worth about $212,000. Irenic Capital Management LP grew its holdings in shares of 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 during the last quarter. AXQ Capital LP purchased a new position in shares of Blend Labs during the second quarter worth about $68,000. Finally, Hyperion Capital Advisors LP acquired a new position in Blend Labs in the 2nd quarter valued at about $51,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Blend Labs Company Profile

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.