XTX Topco Ltd Cuts Holdings in Blend Labs, Inc. (NYSE:BLND)

XTX Topco Ltd decreased its holdings in Blend Labs, Inc. (NYSE:BLND) by 90.1% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,330 shares of the company’s stock after selling 102,595 shares during the period. XTX Topco Ltd’s holdings in Blend Labs were worth $27,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. G2 Investment Partners Management LLC bought a new stake in Blend Labs during the 4th quarter valued at $956,000. Principal Financial Group Inc. bought a new position in Blend Labs in the 2nd quarter worth $809,000. Susquehanna Fundamental Investments LLC bought a new position in Blend Labs in the 1st quarter worth $94,000. Acadian Asset Management LLC raised its holdings in Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock worth $2,332,000 after purchasing an additional 692,220 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Blend Labs by 3,799.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after purchasing an additional 638,102 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Insider Activity

In other news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total transaction of $66,600.00. Following the sale, the insider now owns 286,416 shares in the company, valued at $953,765.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 34,303 shares of company stock worth $124,326 over the last quarter. Insiders own 11.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and upped their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. The Goldman Sachs Group upped their target price on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a research report on Monday, August 12th. Finally, William Blair raised shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Blend Labs currently has an average rating of “Moderate Buy” and a consensus target price of $3.93.

Blend Labs Trading Up 3.6 %

NYSE BLND opened at $3.71 on Thursday. Blend Labs, Inc. has a 12 month low of $1.14 and a 12 month high of $4.25. The stock has a market cap of $936.32 million, a price-to-earnings ratio of -6.40 and a beta of 1.15. The company’s 50 day moving average is $3.52 and its two-hundred day moving average is $3.00.

Blend Labs (NYSE:BLND) last released its earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. The company had revenue of $40.48 million for the quarter, compared to analysts’ expectations of $39.50 million. Sell-side analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current year.

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.