State Street Corp Purchases 1,995,362 Shares of Blend Labs, Inc. (NYSE:BLND)

State Street Corp raised its stake in Blend Labs, Inc. (NYSE:BLND - Free Report) by 57.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,461,973 shares of the company's stock after purchasing an additional 1,995,362 shares during the quarter. State Street Corp owned 2.15% of Blend Labs worth $20,482,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company's stock valued at $1,546,000 after purchasing an additional 638,102 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Blend Labs in the second quarter valued at approximately $809,000. Rhumbline Advisers increased its position in shares of Blend Labs by 4,370.6% during the second quarter. Rhumbline Advisers now owns 273,423 shares of the company's stock valued at $645,000 after acquiring an additional 267,307 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Blend Labs by 8.6% during the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company's stock worth $1,840,000 after acquiring an additional 62,000 shares during the period. Finally, ClariVest Asset Management LLC boosted its position in Blend Labs by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company's stock worth $595,000 after purchasing an additional 6,988 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

BLND has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their target price on Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.25 to $3.85 and gave the company a "market perform" rating in a research note on Thursday, November 7th. Canaccord Genuity Group restated a "buy" rating and set a $5.75 price target on shares of Blend Labs in a research note on Friday. Wells Fargo & Company upped 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. Finally, JMP Securities initiated coverage on Blend Labs in a report on Wednesday, December 18th. They set an "outperform" rating and a $7.00 price objective for the company. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Blend Labs presently has a consensus rating of "Moderate Buy" and an average price target of $5.11.

Blend Labs Trading Up 2.0 %

Shares of NYSE BLND traded up $0.09 during mid-day trading on Tuesday, hitting $4.50. The company had a trading volume of 1,989,680 shares, compared to its average volume of 2,393,605. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -13.23 and a beta of 1.33. The stock's 50-day moving average price is $4.46 and its 200-day moving average price is $3.63.

Insider Buying and Selling at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the transaction, the director now directly owns 331,130 shares in the company, valued at $1,821,215. The trade was a 14.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Winnie Ling sold 20,000 shares of the business's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $3.43, for a total value of $68,600.00. Following the transaction, the insider now owns 259,169 shares of the company's stock, valued at approximately $888,949.67. The trade was a 7.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,782 shares of company stock valued at $1,052,078 in the last quarter. 13.21% of the stock is currently owned by corporate insiders.

Blend Labs Company Profile

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.