Raymond James Financial Inc. bought a new position in Blend Labs, Inc. (NYSE:BLND - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 680,327 shares of the company's stock, valued at approximately $2,864,000. Raymond James Financial Inc. owned approximately 0.27% of Blend Labs as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of BLND. Aigen Investment Management LP purchased a new stake in shares of Blend Labs in the fourth quarter worth about $136,000. Charles Schwab Investment Management Inc. increased its stake in Blend Labs by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,841,176 shares of the company's stock worth $7,751,000 after acquiring an additional 198,125 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $74,000. Bank of New York Mellon Corp boosted its position in shares of Blend Labs by 10.6% during the 4th quarter. Bank of New York Mellon Corp now owns 637,328 shares of the company's stock valued at $2,683,000 after acquiring an additional 60,858 shares during the last quarter. Finally, Olympiad Research LP purchased a new position in shares of Blend Labs in the fourth quarter valued at $47,000. Hedge funds and other institutional investors own 52.56% of the company's stock.
Analyst Upgrades and Downgrades
BLND has been the topic of a number of recent research reports. UBS Group decreased 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 note on Friday, February 28th. Citizens Jmp upgraded shares of Blend Labs to a "strong-buy" rating in a research report on Wednesday, December 18th. Canaccord Genuity Group dropped their price target on Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a research report on Friday, February 28th. JMP Securities initiated coverage on Blend Labs in a research report on Wednesday, December 18th. They set an "outperform" rating and a $7.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Two investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $4.91.
Read Our Latest Stock Report on Blend Labs
Blend Labs Stock Performance
NYSE BLND traded down $0.07 during trading on Wednesday, hitting $3.52. The stock had a trading volume of 3,976,863 shares, compared to its average volume of 2,813,704. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The stock has a 50 day simple moving average of $3.63 and a 200 day simple moving average of $3.98. The stock has a market capitalization of $914.01 million, a price-to-earnings ratio of -10.35 and a beta of 1.40.
Insider Transactions at Blend Labs
In other news, insider Brian Kneafsey sold 30,000 shares of the company's stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total value of $102,300.00. Following the transaction, the insider now directly owns 836,759 shares in the company, valued at approximately $2,853,348.19. This represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 120,000 shares of company stock worth $433,800. 13.21% of the stock is currently owned by company insiders.
About Blend Labs
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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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