Blend Labs, Inc. (NYSE:BLND) Stock Holdings Lifted by Intech Investment Management LLC

Intech Investment Management LLC raised its position in shares of Blend Labs, Inc. (NYSE:BLND) by 78.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,252 shares of the company’s stock after purchasing an additional 40,619 shares during the period. Intech Investment Management LLC’s holdings in Blend Labs were worth $388,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings 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 worth $10,249,000 after buying an additional 2,390,337 shares during the last quarter. State Street Corp increased its stake in shares of Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Summit Partners Public Asset Management LLC raised its holdings in shares of 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 purchasing an additional 1,552,865 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of 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 purchasing an additional 1,130,706 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP acquired a new stake in shares of Blend Labs in the 3rd quarter valued at $3,253,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Price Performance

BLND opened at $3.65 on Wednesday. The stock’s 50 day moving average price is $3.66 and its two-hundred day moving average price is $3.98. The firm has a market capitalization of $934.14 million, a P/E ratio of -10.73 and a beta of 1.40. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53.

Wall Street Analyst Weigh In

Several equities analysts have commented on BLND shares. Canaccord Genuity Group lowered their target price on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research report on Friday, February 28th. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective on the stock. Keefe, Bruyette & Woods reduced their target price on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a report on Monday, March 3rd. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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 on Tuesday, January 7th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now owns 866,759 shares of the company’s stock, valued at approximately $3,233,011.07. The trade was a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 150,000 shares of company stock valued at $561,900. 13.21% of the stock is owned by company insiders.

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.