Rhumbline Advisers Increases Stock Position in Blend Labs, Inc. (NYSE:BLND)

Rhumbline Advisers grew its holdings in shares of Blend Labs, Inc. (NYSE:BLND) by 4,370.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 273,423 shares of the company’s stock after acquiring an additional 267,307 shares during the period. Rhumbline Advisers owned about 0.11% of Blend Labs worth $645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of BLND. Victory Capital Management Inc. lifted its stake in Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock worth $61,000 after purchasing an additional 4,633 shares in the last quarter. Jump Financial LLC bought a new position in Blend Labs in the 4th quarter worth about $132,000. Berylson Capital Partners LLC bought a new position in shares of Blend Labs during the fourth quarter valued at approximately $52,000. G2 Investment Partners Management LLC bought a new position in shares of Blend Labs during the fourth quarter valued at approximately $956,000. Finally, EP Wealth Advisors LLC lifted its position in Blend Labs by 6.7% during 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. Institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Canaccord Genuity Group raised 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 boosted their price target for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. Keefe, Bruyette & Woods lifted their target price on shares of 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 upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Finally, The Goldman Sachs Group boosted 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Insider Activity

In related news, insider Winnie Ling sold 20,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the sale, the insider now directly owns 286,416 shares of the company’s stock, valued at approximately $953,765.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 11.83% of the company’s stock.

Blend Labs Stock Up 1.0 %

Shares of BLND opened at $3.90 on Wednesday. The company has a 50-day simple moving average of $3.44 and a 200-day simple moving average of $2.96. The company has a market capitalization of $984.27 million, a PE ratio of -6.72 and a beta of 1.15. Blend Labs, Inc. has a 52-week low of $1.10 and a 52-week high of $4.22.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. On average, research analysts anticipate that Blend Labs, Inc. will post -0.27 EPS for the current year.

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.