Summit Partners Public Asset Management LLC Acquires 1,552,865 Shares of Blend Labs, Inc. (NYSE:BLND)

Summit Partners Public Asset Management LLC raised its holdings in Blend Labs, Inc. (NYSE:BLND - Free Report) by 452.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,895,865 shares of the company's stock after buying an additional 1,552,865 shares during the quarter. Summit Partners Public Asset Management LLC owned 0.75% of Blend Labs worth $7,109,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in BLND. Dark Forest Capital Management LP bought a new stake in shares of Blend Labs in the second quarter valued at about $31,000. Xponance Inc. bought a new stake in shares of Blend Labs in the 2nd quarter worth approximately $35,000. RiverPark Advisors LLC acquired a new stake in shares of Blend Labs during the 3rd quarter worth approximately $77,000. FMR LLC increased its position in shares of Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after purchasing an additional 3,576 shares during the period. Finally, Bayesian Capital Management LP bought a new stake in shares of Blend Labs during the first quarter valued at approximately $102,000. 52.56% of the stock is owned by institutional investors.

Blend Labs Stock Performance

Blend Labs stock traded down $0.08 on Friday, reaching $5.11. The company's stock had a trading volume of 1,502,413 shares, compared to its average volume of 2,331,582. The business's fifty day moving average price is $4.03 and its 200 day moving average price is $3.38. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -15.03 and a beta of 1.16. Blend Labs, Inc. has a twelve month low of $1.21 and a twelve month high of $5.40.

Insider Buying and Selling

In related news, insider Winnie Ling sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the transaction, the insider now owns 286,416 shares in the company, valued at $953,765.28. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the transaction, the director now owns 387,620 shares in the company, valued at $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,348 shares of company stock worth $501,449 in the last 90 days. Corporate insiders own 13.21% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped 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. The Goldman Sachs Group increased their target price on Blend Labs from $3.40 to $3.90 and gave the stock a "buy" rating in a report on Thursday, November 7th. William Blair raised Blend Labs from a "market perform" rating to an "outperform" rating in a research note on Friday, August 9th. Canaccord Genuity Group increased their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, UBS Group boosted their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a "neutral" rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Blend Labs presently has a consensus rating of "Moderate Buy" and an average target price of $4.46.

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.