Xponance Inc. Acquires New Position in Blend Labs, Inc. (NYSE:BLND)

Xponance Inc. acquired a new stake in shares of Blend Labs, Inc. (NYSE:BLND) during the second quarter, HoldingsChannel reports. The fund acquired 14,679 shares of the company’s stock, valued at approximately $35,000.

A number of other large investors also recently modified their holdings of BLND. Acadian Asset Management LLC raised its holdings in shares of Blend Labs by 2,656.9% during the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after buying an additional 692,220 shares in the last quarter. Bank of New York Mellon Corp increased its stake 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 during the period. Lake Street Advisors Group LLC purchased a new position in Blend Labs in the 1st quarter worth approximately $1,538,000. G2 Investment Partners Management LLC purchased a new position in Blend Labs in the 4th quarter worth approximately $956,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in Blend Labs by 977.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 409,217 shares of the company’s stock worth $1,330,000 after purchasing an additional 371,233 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Blend Labs Stock Performance

Shares of BLND stock opened at $3.65 on Friday. The firm has a market cap of $919.92 million, a P/E ratio of -6.28 and a beta of 1.15. Blend Labs, Inc. has a fifty-two week low of $1.14 and a fifty-two week high of $4.25. The business’s 50 day moving average price is $3.52 and its 200-day moving average price is $3.00.

Blend Labs (NYSE:BLND) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The firm had revenue of $40.48 million for the quarter, compared to analyst estimates of $39.50 million. As a group, equities analysts predict that Blend Labs, Inc. will post -0.27 EPS for the current year.

Insider Activity at Blend Labs

In related news, insider Winnie Ling sold 10,000 shares of Blend Labs stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total transaction of $40,600.00. Following the sale, the insider now directly owns 279,169 shares in the company, valued at $1,133,426.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 34,303 shares of company stock worth $124,326 over the last ninety days. 11.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.