Franklin Resources Inc. Decreases Holdings in Blend Labs, Inc. (NYSE:BLND)

Franklin Resources Inc. lowered its position in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) by 12.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 582,143 shares of the company's stock after selling 83,487 shares during the quarter. Franklin Resources Inc. owned about 0.23% of Blend Labs worth $2,451,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. FMR LLC grew its position in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after purchasing an additional 3,576 shares during the last quarter. PFG Advisors boosted its position in shares of Blend Labs by 6.3% during the fourth quarter. PFG Advisors now owns 67,762 shares of the company's stock valued at $285,000 after buying an additional 3,986 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in Blend Labs by 38.1% in the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock worth $76,000 after buying an additional 4,953 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Blend Labs by 31.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company's stock worth $120,000 after buying an additional 6,763 shares during the last quarter. Finally, JPL Wealth Management LLC purchased a new position in Blend Labs in the 4th quarter worth about $42,000. Institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Canaccord Genuity Group reduced their price target 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 decreased their target price on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research note on Monday, March 3rd. Finally, UBS Group dropped their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Two investment 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $4.91.

Insider Transactions at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the 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 of the company's stock, valued at approximately $2,897,311.07. This represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.21% of the company's stock.

Blend Labs Trading Down 0.2 %

Blend Labs stock traded down $0.01 during trading on Friday, reaching $3.11. The company had a trading volume of 2,790,502 shares, compared to its average volume of 2,921,736. The firm's 50-day simple moving average is $3.45 and its 200 day simple moving average is $3.91. Blend Labs, Inc. has a 52 week low of $2.08 and a 52 week high of $5.53. The firm has a market capitalization of $806.25 million, a price-to-earnings ratio of -9.13 and a beta of 1.29.

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.