Counterpoint Mutual Funds LLC bought a new position in Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 71,849 shares of the company's stock, valued at approximately $302,000.
Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of Blend Labs by 697.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company's stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. State Street Corp lifted its holdings in shares of Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company's stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Summit Partners Public Asset Management LLC lifted its holdings in shares of Blend Labs by 452.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company's stock worth $7,109,000 after purchasing an additional 1,552,865 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Blend Labs by 193.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company's stock worth $6,431,000 after purchasing an additional 1,130,706 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP bought a new stake in shares of Blend Labs in the 3rd quarter worth approximately $3,253,000. Institutional investors and hedge funds own 52.56% of the company's stock.
Insider Activity at Blend Labs
In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the business's stock in a transaction dated Tuesday, January 7th. The stock was 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 owns 866,759 shares of the company's stock, valued at $3,233,011.07. The trade was a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 154,247 shares of company stock valued at $580,459. Insiders own 13.21% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the company. Keefe, Bruyette & Woods cut their target price on Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a research note on Monday, March 3rd. UBS Group cut their target price 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. Citizens Jmp raised Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. JMP Securities assumed coverage on Blend Labs in a research note on Wednesday, December 18th. They set an "outperform" rating and a $7.00 target price on the stock. Finally, Canaccord Genuity Group cut their target price on Blend Labs from $5.75 to $5.25 and set a "buy" rating on the stock in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Blend Labs has a consensus rating of "Moderate Buy" and an average price target of $4.91.
Read Our Latest Stock Report on Blend Labs
Blend Labs Price Performance
BLND traded down $0.07 during trading on Friday, reaching $3.66. 4,029,190 shares of the stock traded hands, compared to its average volume of 2,716,854. The stock has a market cap of $935.42 million, a price-to-earnings ratio of -10.75 and a beta of 1.40. Blend Labs, Inc. has a fifty-two week low of $2.08 and a fifty-two week high of $5.53. The stock's 50-day simple moving average is $3.64 and its two-hundred day simple moving average is $3.97.
About Blend Labs
(
Free Report)
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.
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