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

Franklin Resources Inc. purchased a new stake in Blend Labs, Inc. (NYSE:BLND - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 665,630 shares of the company's stock, valued at approximately $2,463,000. Franklin Resources Inc. owned 0.26% of Blend Labs at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Advantage Alpha Capital Partners LP bought a new position in Blend Labs in the 3rd quarter valued at about $3,253,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Blend Labs during the 3rd quarter worth approximately $676,000. SG Americas Securities LLC bought a new position in Blend Labs in the third quarter valued at approximately $660,000. Fullcircle Wealth LLC acquired a new position in Blend Labs during the third quarter valued at approximately $508,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company's stock worth $6,161,000 after purchasing an additional 120,152 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Insider Activity at Blend Labs

In related news, insider Oxana Tkach sold 18,324 shares of Blend Labs stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the transaction, the insider now owns 88,677 shares of the company's stock, valued at $459,346.86. This trade represents a 17.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares in the company, valued at approximately $1,821,215. The trade was a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,782 shares of company stock worth $1,011,478 over the last three months. Company insiders own 13.21% of the company's stock.

Blend Labs Stock Down 2.5 %

NYSE BLND traded down $0.11 on Friday, hitting $4.29. The company's stock had a trading volume of 4,257,007 shares, compared to its average volume of 2,404,489. The firm has a market cap of $1.10 billion, a PE ratio of -12.62 and a beta of 1.33. The company's 50-day moving average is $4.51 and its 200 day moving average is $3.67. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-year high of $5.53.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BLND shares. Keefe, Bruyette & Woods lifted their price target on Blend Labs from $3.25 to $3.85 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their target price on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research report on Thursday, December 5th. UBS Group raised their price target on shares of Blend Labs from $3.00 to $4.00 and gave the company a "neutral" rating in a research note on Wednesday, October 23rd. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. Finally, The Goldman Sachs Group increased their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Blend Labs has a consensus rating of "Moderate Buy" and a consensus price target of $5.11.

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.