Summit Global Investments Buys New Stake in Blend Labs, Inc. (NYSE:BLND)

Summit Global Investments acquired a new position in Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 129,743 shares of the company's stock, valued at approximately $546,000. Summit Global Investments owned approximately 0.05% of Blend Labs as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. FMR LLC lifted its holdings in Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after acquiring an additional 3,576 shares during the period. PFG Advisors grew its position in shares of Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company's stock valued at $285,000 after acquiring an additional 3,986 shares during the period. Summit Trail Advisors LLC increased its stake in shares of Blend Labs by 38.1% in the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock worth $76,000 after purchasing an additional 4,953 shares in the last quarter. JPL Wealth Management LLC bought a new position in Blend Labs in the 4th quarter worth $42,000. Finally, Calamos Advisors LLC lifted its position in Blend Labs by 3.6% during the fourth quarter. Calamos Advisors LLC now owns 299,995 shares of the company's stock valued at $1,263,000 after purchasing an additional 10,366 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Insider Buying and Selling at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $4.27, for a total value of $128,100.00. Following the transaction, the insider now directly owns 896,759 shares in the company, valued at approximately $3,829,160.93. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 150,000 shares of company stock valued at $561,900. Company insiders own 13.21% of the company's stock.

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Analyst Ratings Changes

BLND has been the topic of several research analyst reports. Keefe, Bruyette & Woods decreased their price target on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a research note on Monday, March 3rd. Wells Fargo & Company upped their target price on Blend Labs from $4.50 to $6.50 and gave the company an "overweight" rating in a research note on Thursday, December 5th. UBS Group decreased their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research note on Friday, February 28th. Citizens Jmp raised Blend Labs to a "strong-buy" rating in a research report on Wednesday, December 18th. Finally, Canaccord Genuity Group decreased their target price 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. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4.91.

Blend Labs Stock Up 3.6 %

Shares of BLND stock traded up $0.13 on Friday, hitting $3.57. The stock had a trading volume of 2,981,533 shares, compared to its average volume of 2,774,988. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The business has a 50 day moving average price of $3.65 and a 200 day moving average price of $3.97. The company has a market cap of $925.70 million, a PE ratio of -10.48 and a beta of 1.40.

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.