Marathon Trading Investment Management LLC Decreases Stock Holdings in Blend Labs, Inc. (NYSE:BLND)

Marathon Trading Investment Management LLC trimmed its holdings in Blend Labs, Inc. (NYSE:BLND) by 77.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,572 shares of the company’s stock after selling 122,528 shares during the quarter. Marathon Trading Investment Management LLC’s holdings in Blend Labs were worth $84,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. ClariVest Asset Management LLC lifted its stake in Blend Labs by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock worth $595,000 after purchasing an additional 6,988 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Blend Labs by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after buying an additional 62,000 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Blend Labs by 4,370.6% during the 2nd quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after buying an additional 267,307 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Blend Labs during the 2nd quarter worth approximately $809,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after buying an additional 638,102 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction that occurred 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 approximately $953,765.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.83% of the stock is currently owned by corporate insiders.

Blend Labs Stock Performance

Blend Labs stock opened at $3.91 on Thursday. Blend Labs, Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $4.22. The firm has a 50 day moving average price of $3.32 and a 200 day moving average price of $2.92. The company has a market capitalization of $985.54 million, a PE ratio of -6.73 and a beta of 1.15.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $39.50 million. As a group, equities research analysts forecast that Blend Labs, Inc. will post -0.27 earnings per share 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.