Blend Labs (NYSE:BLND) Stock Rating Lowered by Wall Street Zen

Blend Labs (NYSE:BLND) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday, Wall Street Zen reports.

BLND has been the topic of a number of other research reports. Weiss Ratings lowered Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 25th. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a research report on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Canaccord Genuity Group reduced their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Finally, Wells Fargo & Company decreased their price objective on Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.82.

Blend Labs Price Performance

BLND stock opened at $1.16 on Friday. The company’s 50 day simple moving average is $1.25 and its 200-day simple moving average is $1.68. Blend Labs has a 12 month low of $0.88 and a 12 month high of $3.62. The firm has a market capitalization of $273.17 million, a PE ratio of -12.83 and a beta of 1.08.

Insider Buying and Selling

In related news, insider Nima Ghamsari sold 27,775 shares of the company’s stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $0.92, for a total transaction of $25,553.00. Following the transaction, 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 filing with the SEC, which is available at 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 firm’s 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 position. 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. In the last three months, insiders sold 195,382 shares of company stock valued at $231,260. Company insiders own 40.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Essential Partners LLC increased its position in shares of Blend Labs by 21,768.1% in the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock worth $27,000 after acquiring an additional 15,673 shares in the last quarter. Caerus Investment Advisors LLC acquired a new position in shares of Blend Labs during the 1st quarter valued at $41,000. Abel Hall LLC purchased a new stake in Blend Labs during the 1st quarter worth $48,000. Hyperion Capital Advisors LP purchased a new stake in Blend Labs during the 2nd quarter worth $51,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in Blend Labs in the 2nd quarter valued at $62,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.