129,743 Shares in Blend Labs, Inc. (NYSE:BLND) Acquired by Summit Global Investments

Summit Global Investments purchased a new stake in shares of Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 129,743 shares of the company’s stock, valued at approximately $546,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BLND. Principal Financial Group Inc. grew its position in Blend Labs by 697.6% in the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after acquiring an additional 2,390,337 shares in the last quarter. State Street Corp boosted its position in Blend Labs by 57.6% in the 3rd 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 during the last quarter. Summit Partners Public Asset Management LLC grew its stake in shares of Blend Labs by 452.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after acquiring an additional 1,552,865 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Blend Labs by 193.5% during the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after acquiring an additional 1,130,706 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP purchased a new position in Blend Labs in the third quarter valued at about $3,253,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Blend Labs

In other Blend Labs 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 sale, the insider now owns 866,759 shares of the company’s stock, valued at $3,233,011.07. The trade was a 3.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 150,000 shares of company stock worth $561,900. Company insiders own 13.21% of the company’s stock.

Blend Labs Trading Up 0.1 %

NYSE BLND opened at $3.66 on Tuesday. The company has a 50-day moving average price of $3.65 and a two-hundred day moving average price of $3.98. Blend Labs, Inc. has a 52 week low of $2.08 and a 52 week high of $5.53. The stock has a market cap of $935.42 million, a price-to-earnings ratio of -10.75 and a beta of 1.40.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BLND. Keefe, Bruyette & Woods dropped their price objective on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. UBS Group cut their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Friday, February 28th. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Wells Fargo & Company upped their target price on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Canaccord Genuity Group lowered their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Blend Labs has an average rating of “Moderate Buy” and a consensus target price of $4.91.

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.