Blend Labs, Inc. (NYSE:BLND) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in shares of Blend Labs, Inc. (NYSE:BLND) by 2.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,101 shares of the company’s stock after selling 2,446 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Blend Labs were worth $327,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Wells Fargo & Company increased their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. UBS Group increased their price target on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their target price on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group raised their target price on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.79.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the business’s stock in a transaction dated 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 owns 279,169 shares in the company, valued at approximately $1,133,426.14. The trade was a 3.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total value of $153,600.00. Following the sale, the insider now owns 937,439 shares in the company, valued at approximately $4,799,687.68. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 181,838 shares of company stock valued at $899,144. 13.21% of the stock is owned by corporate insiders.

Blend Labs Stock Performance

Shares of NYSE BLND opened at $4.92 on Monday. The stock has a fifty day moving average price of $4.32 and a two-hundred day moving average price of $3.55. The firm has a market cap of $1.26 billion, a P/E ratio of -14.47 and a beta of 1.33. Blend Labs, Inc. has a 1 year low of $1.99 and a 1 year high of $5.53.

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.