Principal Financial Group Inc. reduced its position in Blend Labs, Inc. (NYSE:BLND - Free Report) by 44.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,513,799 shares of the company's stock after selling 1,219,205 shares during the quarter. Principal Financial Group Inc. owned about 0.59% of Blend Labs worth $6,373,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also made changes to their positions in BLND. Virtu Financial LLC acquired a new position in shares of Blend Labs during the third quarter worth about $63,000. Summit Trail Advisors LLC raised its holdings in shares of Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock valued at $76,000 after buying an additional 4,953 shares during the period. RiverPark Advisors LLC acquired a new position in Blend Labs during the 3rd quarter worth approximately $77,000. FMR LLC lifted its position in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company's stock worth $98,000 after acquiring an additional 3,576 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in Blend Labs in the 4th quarter worth approximately $114,000. 52.56% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. 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 for the company. The Goldman Sachs Group raised their price objective on Blend Labs from $3.40 to $3.90 and gave the company a "buy" rating in a research note on Thursday, November 7th. 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 report on Friday, February 28th. Citizens Jmp upgraded Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company upped their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a report on Thursday, December 5th. Two 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $4.91.
Check Out Our Latest Analysis on Blend Labs
Blend Labs Price Performance
BLND traded down $0.04 during trading hours on Thursday, hitting $3.08. 3,885,010 shares of the stock were exchanged, compared to its average volume of 3,244,409. The stock has a market cap of $786.98 million, a price-to-earnings ratio of -9.04 and a beta of 1.40. The stock has a 50-day simple moving average of $3.74 and a 200-day simple moving average of $3.99. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53.
Insiders Place Their Bets
In related news, insider Brian Kneafsey sold 30,000 shares of the company's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $5.05, for a total transaction of $151,500.00. Following the completion of the transaction, the insider now directly owns 907,439 shares in the company, valued at $4,582,566.95. This represents a 3.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares in the company, valued at $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,737 shares of company stock valued at $1,196,254. Company insiders own 13.21% of the company's stock.
Blend Labs Profile
(
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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