Blend Labs (NYSE:BLND) Shares Gap Down After Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s stock price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $3.91, but opened at $3.80. Blend Labs shares last traded at $3.87, with a volume of 150,177 shares trading hands.

Specifically, insider Winnie Ling sold 10,000 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the transaction, the insider now owns 279,169 shares of the company’s stock, valued at $1,133,426.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BLND shares. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.00 to $4.75 in a report on Monday, August 12th. Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a report on Monday, August 12th. The Goldman Sachs Group lifted their price target on Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Blend Labs currently has an average rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Price Performance

The stock has a market capitalization of $903.51 million, a P/E ratio of -6.17 and a beta of 1.15. The stock’s fifty day moving average is $3.50 and its 200-day moving average is $3.00.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to analyst estimates of $39.50 million. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. On average, research analysts expect that Blend Labs, Inc. will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. ClariVest Asset Management LLC grew its holdings in shares of Blend Labs by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after purchasing an additional 6,988 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Blend Labs by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock valued at $464,000 after buying an additional 11,448 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Blend Labs during the 2nd quarter worth about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs during the second quarter worth approximately $35,000. Finally, Caxton Associates LP bought a new stake in Blend Labs during the 1st quarter worth approximately $60,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.