Blend Labs, Inc. (NYSE:BLND) Insider Brian Kneafsey Sells 30,000 Shares

Blend Labs, Inc. (NYSE:BLND) insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the transaction, the insider now owns 866,759 shares in the company, valued at approximately $3,233,011.07. This trade represents a 3.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, December 31st, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The stock was 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 transaction of $151,500.00.
• On Tuesday, December 10th, Brian Kneafsey sold 30,000 shares of Blend Labs stock. The shares were sold at an average price of $5.12, for a total transaction of $153,600.00.

Blend Labs Stock Up 0.3 %

Blend Labs stock traded up $0.01 during trading hours on Wednesday, hitting $3.74. The stock had a trading volume of 2,926,865 shares, compared to its average volume of 4,190,433. The business’s 50 day simple moving average is $4.59 and its 200-day simple moving average is $3.76. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The stock has a market cap of $957.18 million, a price-to-earnings ratio of -11.00 and a beta of 1.38.

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently added to or reduced their stakes in the business. ShawSpring Partners LLC raised its stake in shares of Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after acquiring an additional 2,485,283 shares during the last quarter. Principal Financial Group Inc. raised its position in Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. State Street Corp lifted its holdings in Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after buying an additional 1,995,362 shares during the period. Summit Partners Public Asset Management LLC grew its position in shares of Blend Labs by 452.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after buying an additional 1,552,865 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Blend Labs by 193.5% in the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock valued at $6,431,000 after buying an additional 1,130,706 shares during the period. 52.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on BLND shares. Wells Fargo & Company increased their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Keefe, Bruyette & Woods raised their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. UBS Group boosted their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, JMP Securities began coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price for the company. Two 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.11.

About Blend Labs

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.