Rhumbline Advisers Buys 19,336 Shares of Blend Labs, Inc. (NYSE:BLND)

Rhumbline Advisers increased its stake in shares of Blend Labs, Inc. (NYSE:BLND) by 7.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 292,743 shares of the company’s stock after buying an additional 19,336 shares during the quarter. Rhumbline Advisers owned 0.11% of Blend Labs worth $1,232,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BLND. Principal Financial Group Inc. lifted its position in shares of Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the period. Cypress Point Wealth Management LLC increased its holdings in Blend Labs by 15.2% during the 3rd quarter. Cypress Point Wealth Management LLC now owns 226,447 shares of the company’s stock valued at $849,000 after purchasing an additional 29,848 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Blend Labs during the 3rd quarter valued at $314,000. RiverPark Advisors LLC acquired a new stake in Blend Labs during the 3rd quarter valued at $77,000. Finally, Intech Investment Management LLC acquired a new stake in Blend Labs during the 3rd quarter valued at $194,000. Institutional investors own 52.56% of the company’s stock.

Blend Labs Stock Performance

NYSE BLND opened at $3.12 on Thursday. The stock has a fifty day moving average of $3.76 and a 200-day moving average of $4.00. The stock has a market capitalization of $797.22 million, a P/E ratio of -9.16 and a beta of 1.36. Blend Labs, Inc. has a 52 week low of $2.08 and a 52 week high of $5.53.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now directly owns 776,759 shares of the company’s stock, valued at $2,897,311.07. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs 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 trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,737 shares of company stock valued at $1,196,254. Company insiders own 13.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a report on Monday. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target for the company. UBS Group dropped their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. 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. Finally, Canaccord Genuity Group dropped their price target on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and an average target price of $4.91.

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.