Barclays PLC Buys 295,460 Shares of Blend Labs, Inc. (NYSE:BLND)

Barclays PLC boosted its stake in Blend Labs, Inc. (NYSE:BLND) by 263.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 407,774 shares of the company’s stock after acquiring an additional 295,460 shares during the quarter. Barclays PLC’s holdings in Blend Labs were worth $1,530,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Blend Labs by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after buying an additional 283,207 shares in the last quarter. Advantage Alpha Capital Partners LP bought a new stake in Blend Labs during the 3rd quarter worth about $3,253,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Blend Labs during the 3rd quarter worth about $676,000. SG Americas Securities LLC bought a new stake in Blend Labs during the 3rd quarter worth about $660,000. Finally, Fullcircle Wealth LLC bought a new stake in Blend Labs during the 3rd quarter worth about $508,000. 52.56% of the stock is owned by institutional investors.

Insider Activity at Blend Labs

In other Blend Labs news, insider Oxana Tkach sold 18,324 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $5.18, for a total transaction of $94,918.32. Following the transaction, the insider now owns 88,677 shares in the company, valued at $459,346.86. This represents a 17.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the 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 transaction, the director now owns 387,620 shares in the company, valued at approximately $1,938,100. The trade was a 9.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,782 shares of company stock worth $1,182,878. Insiders own 13.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BLND. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. UBS Group upped their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. 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 report on Thursday, December 5th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. Two research 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.11.

Blend Labs Stock Performance

Shares of BLND opened at $3.36 on Monday. 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 $859.92 million, a P/E ratio of -9.88 and a beta of 1.38. The firm’s 50-day simple moving average is $4.59 and its 200 day simple moving average is $3.79.

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.