ShawSpring Partners LLC Grows Position in Blend Labs, Inc. (NYSE:BLND)

ShawSpring Partners LLC boosted its holdings in Blend Labs, Inc. (NYSE:BLND - Free Report) by 6.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,079,165 shares of the company's stock after purchasing an additional 449,175 shares during the period. Blend Labs comprises 3.9% of ShawSpring Partners LLC's holdings, making the stock its 11th largest position. ShawSpring Partners LLC owned approximately 2.77% of Blend Labs worth $29,803,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs during the 4th quarter valued at approximately $42,000. Olympiad Research LP bought a new stake in Blend Labs during the 4th quarter valued at $47,000. Trellis Wealth Advisors LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth $57,000. BBR Partners LLC bought a new position in shares of Blend Labs in the fourth quarter worth $60,000. Finally, Virtu Financial LLC purchased a new position in shares of Blend Labs in the third quarter valued at $63,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Blend Labs Trading Down 0.2 %

Shares of NYSE BLND traded down $0.01 during midday trading on Friday, hitting $3.11. 2,790,502 shares of the company's stock were exchanged, compared to its average volume of 2,929,706. The business's fifty day moving average price is $3.43 and its two-hundred day moving average price is $3.91. The company has a market cap of $806.25 million, a price-to-earnings ratio of -9.13 and a beta of 1.29. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a report on Monday, March 3rd. Canaccord Genuity Group cut their price objective on shares of Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a research report on Friday, February 28th. Finally, UBS Group decreased their target price on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $4.91.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the sale, the insider now directly owns 776,759 shares in the company, valued at approximately $2,897,311.07. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.21% of the stock is currently owned by insiders.

Blend Labs Company Profile

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.