Blend Labs (NYSE:BLND) Stock Price Target Lowered at Canaccord Genuity Group

Blend Labs (NYSE:BLND) had its price objective reduced by analysts at Canaccord Genuity Group from $3.00 to $2.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price would indicate a potential upside of 104.92% from the stock’s previous close.

BLND has been the topic of a number of other research reports. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Citizens Jmp lowered their target price on shares of Blend Labs from $4.00 to $2.50 and set a “market outperform” rating on the stock in a research report 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. Wall Street Zen downgraded shares of Blend Labs from a “buy” rating to a “hold” rating in a research report on Sunday, October 25th. Finally, The Goldman Sachs Group set a $3.00 price target on Blend Labs in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Blend Labs presently has an average rating of “Hold” and a consensus target price of $2.23.

Blend Labs Stock Down 0.8%

NYSE:BLND opened at $0.98 on Friday. Blend Labs has a fifty-two week low of $0.85 and a fifty-two week high of $3.44. The stock has a market cap of $230.84 million, a PE ratio of -6.97 and a beta of 1.05. The firm’s fifty day simple moving average is $1.19 and its 200-day simple moving average is $1.59.

Insiders Place Their Bets

In related news, insider Nima Ghamsari sold 27,775 shares of the business’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $0.92, for a total value of $25,553.00. Following the sale, the insider directly owned 7,750,693 shares in the company, valued at $7,130,637.56. The trade was a 0.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 dated Friday, September 11th. The shares were sold at an average price of $1.43, for a total transaction of $106,828.15. Following the completion of the sale, the insider directly owned 236,563 shares in the company, valued at approximately $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 239,072 shares of company stock valued at $281,085. Company insiders own 40.30% of the company’s stock.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently modified their holdings of BLND. Irenic Capital Management LP raised its stake 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 purchasing an additional 79,901 shares during the period. Rice Hall James & Associates LLC boosted its holdings in shares of Blend Labs by 14.0% in the 1st quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock valued at $1,711,000 after purchasing an additional 123,699 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Blend Labs by 6.8% during the 1st 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 during the period. Sei Investments Co. grew its stake in shares of Blend Labs by 99.0% during the 1st 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 during the period. Finally, State of Wyoming purchased a new stake in shares of Blend Labs during the 3rd quarter valued at $225,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.