Norges Bank Acquires New Stake in Blend Labs, Inc. (NYSE:BLND)

Norges Bank acquired a new position in Blend Labs, Inc. (NYSE:BLND - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 726,400 shares of the company's stock, valued at approximately $3,058,000. Norges Bank owned about 0.28% of Blend Labs as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Blend Labs by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company's stock valued at $6,161,000 after acquiring an additional 120,152 shares during the last quarter. FMR LLC raised its position in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after buying an additional 3,576 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Blend Labs during the third quarter valued at about $676,000. Janus Henderson Group PLC acquired a new position in Blend Labs in the 3rd quarter valued at approximately $320,000. Finally, State Street Corp raised its stake in shares of Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company's stock valued at $20,482,000 after purchasing an additional 1,995,362 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now owns 776,759 shares in the company, valued at approximately $2,897,311.07. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.21% of the company's stock.

Blend Labs Stock Performance

BLND traded down $0.06 during mid-day trading on Wednesday, reaching $3.09. The stock had a trading volume of 153,283 shares, compared to its average volume of 2,904,819. Blend Labs, Inc. has a 52 week low of $2.08 and a 52 week high of $5.53. The stock has a market capitalization of $801.06 million, a P/E ratio of -9.07 and a beta of 1.29. The firm's fifty day simple moving average is $3.48 and its two-hundred day simple moving average is $3.92.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BLND shares. Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a report on Wednesday, December 18th. Canaccord Genuity Group decreased their price objective on Blend Labs from $5.75 to $5.25 and set a "buy" rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods dropped their price objective on 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. JMP Securities started coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 target price on the stock. Finally, UBS Group reduced their price target on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Blend Labs presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.91.

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.