The Manufacturers Life Insurance Company Invests $211,000 in Blend Labs, Inc. (NYSE:BLND)

The Manufacturers Life Insurance Company acquired a new position in Blend Labs, Inc. (NYSE:BLND) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 89,547 shares of the company’s stock, valued at approximately $211,000.

Other hedge funds also recently made changes to their positions in the company. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. purchased a new position in shares of Blend Labs in the second quarter worth approximately $35,000. Caxton Associates LP purchased a new position in shares of Blend Labs in the first quarter worth approximately $60,000. Cannon Global Investment Management LLC purchased a new position in shares of Blend Labs in the first quarter worth approximately $65,000. Finally, SG Americas Securities LLC purchased a new position in shares of Blend Labs in the first quarter worth approximately $70,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Stock Performance

BLND stock opened at $3.60 on Friday. The stock has a market cap of $908.56 million, a P/E ratio of -6.21 and a beta of 1.15. The firm has a 50 day simple moving average of $3.71 and a 200 day simple moving average of $3.05. Blend Labs, Inc. has a 52 week low of $1.15 and a 52 week high of $4.25.

Blend Labs (NYSE:BLND) last posted its 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 analyst estimates of $39.50 million. Sell-side analysts predict that Blend Labs, Inc. will post -0.27 EPS for the current year.

Insider Transactions at Blend Labs

In other news, insider Winnie Ling sold 10,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $4.06, for a total value of $40,600.00. Following the completion of the sale, the insider now directly owns 279,169 shares in the company, valued at approximately $1,133,426.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 54,303 shares of company stock worth $192,926. 11.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BLND has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on shares of Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research report on Friday, August 9th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and lifted their target price 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 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. Finally, William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Blend Labs presently has an average rating of “Moderate Buy” and an average target price of $3.93.

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.