Principal Financial Group Inc. lifted its stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) by 697.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,733,004 shares of the company's stock after buying an additional 2,390,337 shares during the quarter. Principal Financial Group Inc. owned about 1.07% of Blend Labs worth $10,249,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Franklin Resources Inc. purchased a new stake in shares of Blend Labs in the 3rd quarter valued at about $2,463,000. Virtu Financial LLC acquired a new position in Blend Labs during the third quarter worth approximately $63,000. Barclays PLC lifted its stake in Blend Labs by 263.1% in the third quarter. Barclays PLC now owns 407,774 shares of the company's stock valued at $1,530,000 after buying an additional 295,460 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Blend Labs by 6.3% in the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company's stock valued at $17,880,000 after acquiring an additional 283,207 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Blend Labs during the third quarter worth approximately $1,019,000. Institutional investors and hedge funds own 52.56% of the company's stock.
Insider Transactions at Blend Labs
In other news, insider Winnie Ling sold 20,000 shares of the company's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3.43, for a total transaction of $68,600.00. Following the transaction, the insider now directly owns 259,169 shares of the company's stock, valued at $888,949.67. This represents a 7.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the firm's stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total transaction of $213,605.00. Following the completion of the sale, the director now owns 387,620 shares of the company's stock, valued at $1,938,100. This trade represents a 9.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 201,782 shares of company stock valued at $1,011,478. Corporate insiders own 13.21% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently commented on BLND. JMP Securities initiated coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an "outperform" rating and a $7.00 price target for the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. The Goldman Sachs Group raised their price target on Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a report on Thursday, November 7th. Citizens Jmp upgraded Blend Labs to a "strong-buy" rating in a research report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods increased their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a "market perform" rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $5.11.
View Our Latest Stock Analysis on Blend Labs
Blend Labs Stock Performance
NYSE:BLND traded down $0.09 during mid-day trading on Tuesday, reaching $4.21. The stock had a trading volume of 4,083,604 shares, compared to its average volume of 2,411,210. Blend Labs, Inc. has a twelve month low of $2.08 and a twelve month high of $5.53. The business has a 50 day simple moving average of $4.53 and a 200 day simple moving average of $3.69. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -12.38 and a beta of 1.33.
Blend Labs Company Profile
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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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