Vanguard Group Inc. Grows Stock Holdings in Blend Labs, Inc. (NYSE:BLND)

Vanguard Group Inc. boosted its position in Blend Labs, Inc. (NYSE:BLND - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,811,510 shares of the company's stock after purchasing an additional 388,583 shares during the period. Vanguard Group Inc. owned about 6.57% of Blend Labs worth $70,776,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company's stock worth $6,161,000 after buying an additional 120,152 shares in the last quarter. FMR LLC increased its stake in Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company's stock valued at $98,000 after purchasing an additional 3,576 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Blend Labs during the third quarter worth $676,000. Janus Henderson Group PLC acquired a new stake in Blend Labs in the third quarter valued at $320,000. Finally, State Street Corp increased its position in shares of Blend Labs by 57.6% in the third quarter. State Street Corp now owns 5,461,973 shares of the company's stock valued at $20,482,000 after buying an additional 1,995,362 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods lowered their price objective 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. JMP Securities assumed coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They set an "outperform" rating and a $7.00 price objective for the company. Canaccord Genuity Group lowered their target price on Blend Labs from $5.75 to $5.25 and set a "buy" rating on the stock in a report on Friday, February 28th. UBS Group cut their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Friday, February 28th. Finally, Citizens Jmp raised shares of Blend Labs to a "strong-buy" rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Blend Labs presently has an average rating of "Moderate Buy" and a consensus price target of $4.91.

Insider Buying and Selling

In related news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $3.59, for a total value of $107,700.00. Following the transaction, the insider now directly owns 806,759 shares of the company's stock, valued at approximately $2,896,264.81. This trade represents a 3.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.21% of the stock is currently owned by company insiders.

Blend Labs Trading Down 1.8 %

BLND traded down $0.06 during midday trading on Wednesday, hitting $3.09. The company's stock had a trading volume of 153,283 shares, compared to its average volume of 2,904,819. The firm has a 50-day moving average price of $3.48 and a two-hundred day moving average price of $3.92. Blend Labs, Inc. has a 52-week low of $2.08 and a 52-week high of $5.53. The firm has a market cap of $801.06 million, a P/E ratio of -9.07 and a beta of 1.29.

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.