Blend Labs (NYSE:BLND) Price Target Lowered to $2.00 at Canaccord Genuity Group

Blend Labs (NYSE:BLND – Get Rating) had its price target dropped by equities research analysts at Canaccord Genuity Group from $3.00 to $2.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 110.59% from the company’s previous close.

A number of other analysts also recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Blend Labs from $2.50 to $2.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 11th. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $1.30 to $1.40 and gave the stock a “market perform” rating in a report on Thursday, March 9th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.36.

Blend Labs Price Performance

BLND stock opened at $0.95 on Friday. Blend Labs has a 52 week low of $0.76 and a 52 week high of $7.38. The firm’s 50-day moving average is $1.65 and its two-hundred day moving average is $1.88. The company has a debt-to-equity ratio of 1.23, a quick ratio of 10.29 and a current ratio of 10.29.

Insider Transactions at Blend Labs

In other news, insider Crystal Sumner sold 33,196 shares of Blend Labs stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $1.22, for a total value of $40,499.12. Following the transaction, the insider now directly owns 501,180 shares of the company’s stock, valued at $611,439.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 15.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its position in Blend Labs by 418.5% during the first quarter. Royal Bank of Canada now owns 6,009 shares of the company’s stock valued at $34,000 after purchasing an additional 4,850 shares in the last quarter. Quantbot Technologies LP purchased a new position in Blend Labs during the first quarter valued at approximately $63,000. Walleye Capital LLC purchased a new position in Blend Labs during the second quarter valued at approximately $28,000. Hsbc Holdings PLC purchased a new position in Blend Labs during the third quarter valued at approximately $28,000. Finally, Mackenzie Financial Corp purchased a new position in Blend Labs during the second quarter valued at approximately $30,000. 60.42% of the stock is owned by hedge funds and other institutional investors.

About Blend Labs

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Blend Labs, Inc provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts.