Quadrant Private Wealth Management LLC Buys New Holdings in Blend Labs, Inc. (NYSE:BLND)

Quadrant Private Wealth Management LLC bought a new stake in shares of Blend Labs, Inc. (NYSE:BLND) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 75,909 shares of the company’s stock, valued at approximately $320,000.

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

Blend Labs Price Performance

Shares of NYSE:BLND opened at $3.76 on Friday. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The business has a 50 day simple moving average of $4.09 and a two-hundred day simple moving average of $3.96. The firm has a market capitalization of $961.02 million, a PE ratio of -11.04 and a beta of 1.36.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $5.12, for a total value of $153,600.00. Following the completion of the transaction, the insider now owns 937,439 shares of the company’s stock, valued at $4,799,687.68. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total transaction of $213,605.00. Following the completion of the transaction, the director now directly owns 387,620 shares of the company’s stock, valued at $1,938,100. This trade represents a 9.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 331,782 shares of company stock worth $1,504,778. Company insiders own 13.21% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on BLND shares. UBS Group raised their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased 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. Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. JMP Securities initiated coverage on Blend Labs in a research note on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price on the stock. Finally, The Goldman Sachs Group increased their target price on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Blend Labs has a consensus rating of “Moderate Buy” and a consensus price target of $5.11.

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.