Algert Global LLC Acquires 18,656 Shares of Blend Labs, Inc. (NYSE:BLND)

Algert Global LLC boosted its holdings in shares of Blend Labs, Inc. (NYSE:BLND) by 27.6% in the second quarter, Holdings Channel reports. The firm owned 86,156 shares of the company’s stock after purchasing an additional 18,656 shares during the quarter. Algert Global LLC’s holdings in Blend Labs were worth $203,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BLND. Berylson Capital Partners LLC bought a new position in shares of Blend Labs in the fourth quarter valued at approximately $52,000. G2 Investment Partners Management LLC bought a new position in shares of Blend Labs in the fourth quarter valued at approximately $956,000. EP Wealth Advisors LLC raised its stake in shares of Blend Labs by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock valued at $464,000 after acquiring an additional 11,448 shares during the last quarter. Cannon Global Investment Management LLC bought a new position in shares of Blend Labs in the first quarter valued at approximately $65,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Blend Labs by 15.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 291,502 shares of the company’s stock valued at $947,000 after acquiring an additional 38,479 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, insider Winnie Ling sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the transaction, the insider now owns 286,416 shares of the company’s stock, valued at $953,765.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 34,303 shares of company stock valued at $124,326 in the last quarter. Company insiders own 11.83% of the company’s stock.

Blend Labs Stock Performance

BLND opened at $3.52 on Friday. The company has a fifty day moving average price of $3.60 and a two-hundred day moving average price of $3.02. Blend Labs, Inc. has a 52 week low of $1.15 and a 52 week high of $4.25. The firm has a market capitalization of $887.11 million, a PE ratio of -6.06 and a beta of 1.15.

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 firm had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. Equities analysts forecast that Blend Labs, Inc. will post -0.27 EPS for the current year.

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.