JPMorgan Chase & Co. Purchases 1,130,706 Shares of Blend Labs, Inc. (NYSE:BLND)

JPMorgan Chase & Co. grew its stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) by 193.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,714,955 shares of the company's stock after buying an additional 1,130,706 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of Blend Labs worth $6,431,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Dark Forest Capital Management LP purchased a new stake in shares of Blend Labs during the second quarter valued at approximately $31,000. Xponance Inc. bought a new position in shares of Blend Labs in the 2nd quarter worth approximately $35,000. Virtu Financial LLC bought a new stake in shares of Blend Labs during the third quarter valued at approximately $63,000. RiverPark Advisors LLC purchased a new stake in Blend Labs in the third quarter worth $77,000. Finally, FMR LLC raised its holdings in Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company's stock worth $98,000 after purchasing an additional 3,576 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the stock an "overweight" rating in a report on Thursday, December 5th. The Goldman Sachs Group raised 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. Keefe, Bruyette & Woods boosted their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the stock a "market perform" rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.75 price objective on shares of Blend Labs in a research report on Friday, December 20th. Finally, Citizens Jmp upgraded Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Blend Labs presently has an average rating of "Moderate Buy" and an average price target of $5.11.

Insiders Place Their Bets

In related news, insider Oxana Tkach sold 18,324 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $5.18, for a total value of $94,918.32. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 331,130 shares of the company's stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 271,782 shares of company stock valued at $1,285,178 over the last ninety days. 13.21% of the stock is owned by insiders.

Blend Labs Price Performance

Shares of BLND stock traded down $0.12 during trading hours on Thursday, hitting $3.61. The stock had a trading volume of 2,127,915 shares, compared to its average volume of 4,075,771. The stock has a market capitalization of $922.63 million, a price-to-earnings ratio of -10.60 and a beta of 1.38. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The stock's 50-day moving average price is $4.58 and its two-hundred day moving average price is $3.80.

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.