Barclays PLC Purchases 295,460 Shares of Blend Labs, Inc. (NYSE:BLND)

Barclays PLC increased its position in Blend Labs, Inc. (NYSE:BLND) by 263.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 407,774 shares of the company’s stock after acquiring an additional 295,460 shares during the period. Barclays PLC owned about 0.16% of Blend Labs worth $1,530,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC grew its holdings in Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the period. ClariVest Asset Management LLC lifted its position in shares of Blend Labs by 2.9% during the 2nd 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. Dark Forest Capital Management LP bought a new position in shares of Blend Labs during the 2nd quarter valued at approximately $31,000. Xponance Inc. purchased a new stake in Blend Labs in the 2nd quarter worth approximately $35,000. Finally, EP Wealth Advisors LLC increased its holdings in Blend Labs by 8.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 212,841 shares of the company’s stock worth $502,000 after acquiring an additional 16,084 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Price Performance

BLND stock opened at $4.29 on Friday. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The firm’s 50-day moving average is $4.51 and its 200 day moving average is $3.67. The company has a market capitalization of $1.10 billion, a PE ratio of -12.62 and a beta of 1.33.

Insiders Place Their Bets

In other news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $3.43, for a total transaction of $68,600.00. Following the transaction, the insider now owns 259,169 shares in the company, valued at approximately $888,949.67. This trade represents a 7.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the sale, the director now directly owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 201,782 shares of company stock worth $1,011,478 in the last three months. Corporate insiders own 13.21% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BLND shares. UBS Group upped their price target on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. JMP Securities began coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $5.75 target price on shares of Blend Labs in a research report on Friday, December 20th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $5.11.

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.