SG Americas Securities LLC Decreases Stock Holdings in Blend Labs, Inc. (NYSE:BLND)

SG Americas Securities LLC lessened its holdings in Blend Labs, Inc. (NYSE:BLND) by 15.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,568 shares of the company’s stock after selling 26,497 shares during the quarter. SG Americas Securities LLC owned approximately 0.06% of Blend Labs worth $630,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Xponance Inc. acquired a new position in shares of Blend Labs during the 2nd quarter worth about $35,000. Virtu Financial LLC purchased a new stake in Blend Labs during the third quarter worth approximately $63,000. RiverPark Advisors LLC acquired a new position in Blend Labs in the third quarter valued at approximately $77,000. FMR LLC increased its stake in Blend Labs by 15.8% in 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 last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Blend Labs during the third quarter worth approximately $150,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BLND. The Goldman Sachs Group upped their target price on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $5.75 price target on shares of Blend Labs in a research report on Friday, December 20th. UBS Group lifted their target price on 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 started coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. Finally, Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, Director Timothy J. Mayopoulos sold 42,721 shares of Blend Labs stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the sale, the director now owns 387,620 shares of the company’s stock, valued at approximately $1,938,100. The trade was a 9.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Oxana Tkach sold 18,324 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now directly owns 88,677 shares of the company’s stock, valued at approximately $459,346.86. This trade represents a 17.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 331,782 shares of company stock valued at $1,504,778. 13.21% of the stock is owned by company insiders.

Blend Labs Stock Up 1.7 %

NYSE BLND opened at $3.96 on Friday. The business’s 50-day moving average price is $4.38 and its 200 day moving average price is $3.89. The firm has a market cap of $1.01 billion, a P/E ratio of -11.63 and a beta of 1.38. Blend Labs, Inc. has a 52-week low of $2.08 and a 52-week high of $5.53.

Blend Labs (NYSE:BLND) last announced its earnings results on Wednesday, November 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $45.18 million during the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the business earned ($0.13) EPS. As a group, analysts anticipate that Blend Labs, Inc. will post -0.19 earnings per share for the current year.

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.