Wells Fargo & Company Cuts Blend Labs (NYSE:BLND) Price Target to $5.00

Blend Labs (NYSE:BLND) had its price target trimmed by Wells Fargo & Company from $6.00 to $5.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Keefe, Bruyette & Woods cut their price target on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Finally, UBS Group decreased their price objective on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $4.70.

Blend Labs Price Performance

Shares of Blend Labs stock opened at $3.12 on Tuesday. The firm has a market cap of $808.85 million, a price-to-earnings ratio of -9.16 and a beta of 1.29. The stock has a 50-day simple moving average of $3.40 and a 200-day simple moving average of $3.90. Blend Labs has a 52-week low of $2.08 and a 52-week high of $5.53.

Insiders Place Their Bets

In related news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now owns 776,759 shares of the company’s stock, valued at approximately $2,897,311.07. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 13.21% of the company’s stock.

Institutional Trading of Blend Labs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Castleview Partners LLC acquired a new stake in Blend Labs during the first quarter worth about $64,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Blend Labs in the 1st quarter worth approximately $64,000. GPS Wealth Strategies Group LLC acquired a new stake in shares of Blend Labs during the 1st quarter worth approximately $90,000. Pallas Capital Advisors LLC bought a new stake in shares of Blend Labs during the first quarter valued at approximately $51,000. Finally, Merit Financial Group LLC acquired a new position in shares of Blend Labs in the first quarter valued at $36,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.