Blend Labs, Inc. (NYSE:BLND) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in Blend Labs, Inc. (NYSE:BLND) by 1.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,842,483 shares of the company’s stock after buying an additional 75,379 shares during the quarter. Geode Capital Management LLC’s holdings in Blend Labs were worth $20,391,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in BLND. JPL Wealth Management LLC purchased a new stake in Blend Labs during the fourth quarter worth about $42,000. Olympiad Research LP acquired a new stake in shares of Blend Labs during the 4th quarter valued at approximately $47,000. Trellis Wealth Advisors LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $57,000. BBR Partners LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $60,000. Finally, Virtu Financial LLC acquired a new stake in shares of Blend Labs in the 3rd quarter worth approximately $63,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on BLND shares. UBS Group reduced their price objective on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Canaccord Genuity Group cut their price target on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, 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. 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 price target of $4.91.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the sale, the insider now directly owns 776,759 shares in the company, valued at approximately $2,897,311.07. The trade was a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 13.21% of the company’s stock.

Blend Labs Price Performance

Blend Labs stock opened at $3.11 on Friday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The stock has a market capitalization of $806.25 million, a P/E ratio of -9.13 and a beta of 1.29. The firm’s 50-day moving average is $3.43 and its two-hundred day moving average is $3.91.

Blend Labs 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.