JPMorgan Chase & Co. Has $6.43 Million Holdings in Blend Labs, Inc. (NYSE:BLND)

JPMorgan Chase & Co. raised its stake in Blend Labs, Inc. (NYSE:BLND) by 193.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,714,955 shares of the company’s stock after purchasing an additional 1,130,706 shares during the period. JPMorgan Chase & Co. owned 0.67% of Blend Labs worth $6,431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Principal Financial Group Inc. increased its holdings in Blend Labs by 697.6% in the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Blend Labs in the third quarter worth $2,463,000. Virtu Financial LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth about $63,000. Barclays PLC grew its holdings in shares of Blend Labs by 263.1% in the third quarter. Barclays PLC now owns 407,774 shares of the company’s stock worth $1,530,000 after purchasing an additional 295,460 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after buying an additional 283,207 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLND. UBS Group boosted their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. JMP Securities started coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company raised their target price on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Blend Labs has a consensus rating of “Moderate Buy” and an average target price of $5.11.

Insider Activity at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the transaction, the insider now directly owns 866,759 shares in the company, valued at $3,233,011.07. This trade represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the sale, the director now directly owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,782 shares of company stock worth $1,182,878. 13.21% of the stock is currently owned by insiders.

Blend Labs Price Performance

Shares of NYSE BLND opened at $3.75 on Thursday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The company has a market capitalization of $959.74 million, a PE ratio of -11.03 and a beta of 1.38. The firm’s 50-day moving average is $4.58 and its two-hundred day moving average is $3.80.

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.