Royce & Associates LP Invests $3.41 Million in Blend Labs, Inc. (NYSE:BLND)

Royce & Associates LP purchased a new stake in Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 809,000 shares of the company's stock, valued at approximately $3,406,000. Royce & Associates LP owned about 0.32% of Blend Labs at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in Blend Labs by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company's stock valued at $17,880,000 after purchasing an additional 283,207 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Blend Labs in the 3rd quarter valued at $676,000. Advantage Alpha Capital Partners LP purchased a new stake in Blend Labs in the 3rd quarter valued at $3,253,000. Charles Schwab Investment Management Inc. raised its position in Blend Labs by 7.9% in 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 purchasing an additional 120,152 shares during the last quarter. Finally, Barclays PLC raised its position in Blend Labs by 263.1% during the 3rd quarter. Barclays PLC now owns 407,774 shares of the company's stock worth $1,530,000 after buying an additional 295,460 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group cut their price objective on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods cut their price objective on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research report on Monday, March 3rd. JMP Securities assumed coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They set an "outperform" rating and a $7.00 price objective for the company. Canaccord Genuity Group cut their price objective on shares of Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a research report on Friday, February 28th. Finally, 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 research report on Thursday, December 5th. Two investment 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's stock. Based on data from MarketBeat, Blend Labs has an average rating of "Moderate Buy" and a consensus target price of $4.91.

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Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the transaction, the insider now directly owns 866,759 shares of the company's stock, valued at approximately $3,233,011.07. The trade was a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 154,247 shares of company stock valued at $580,459. 13.21% of the stock is owned by insiders.

Blend Labs Stock Performance

BLND stock traded down $0.07 during midday trading on Friday, hitting $3.66. 4,029,190 shares of the stock were exchanged, compared to its average volume of 2,721,016. The stock's 50-day moving average price is $3.64 and its 200-day moving average price is $3.97. The stock has a market cap of $935.42 million, a price-to-earnings ratio of -10.75 and a beta of 1.40. Blend Labs, Inc. has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

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.