EdgePoint Investment Group Inc. Cuts Stock Position in Blend Labs, Inc. (NYSE:BLND)

EdgePoint Investment Group Inc. lessened its position in Blend Labs, Inc. (NYSE:BLND) by 44.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,464,997 shares of the company’s stock after selling 2,776,945 shares during the quarter. EdgePoint Investment Group Inc. owned approximately 1.36% of Blend Labs worth $12,994,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its holdings in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after purchasing an additional 3,576 shares during the period. ClariVest Asset Management LLC increased its holdings in shares of Blend Labs by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after acquiring an additional 6,988 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Blend Labs in the 2nd quarter valued at about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs in the 2nd quarter valued at about $35,000. Finally, EP Wealth Advisors LLC lifted its position in Blend Labs by 8.2% during 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 during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BLND. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. The Goldman Sachs Group raised their price target on 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 raised their price target on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and raised their price target for the company from $3.00 to $4.75 in a report on Monday, August 12th. Finally, Wells Fargo & Company raised their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Blend Labs has an average rating of “Moderate Buy” and a consensus price target of $4.79.

Insiders Place Their Bets

In related news, Director Timothy J. Mayopoulos sold 42,721 shares of Blend Labs stock in a transaction 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 transaction, the director now owns 387,620 shares in the company, valued at approximately $1,938,100. This trade represents a 9.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Oxana Tkach sold 18,324 shares of Blend Labs stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.18, for a total value of $94,918.32. Following the completion of the transaction, the insider now owns 88,677 shares in the company, valued at $459,346.86. The trade was a 17.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,348 shares of company stock valued at $501,449. Corporate insiders own 13.21% of the company’s stock.

Blend Labs Price Performance

NYSE BLND opened at $5.35 on Friday. Blend Labs, Inc. has a 1-year low of $1.52 and a 1-year high of $5.53. The company has a market capitalization of $1.37 billion, a P/E ratio of -15.74 and a beta of 1.33. The business has a 50 day moving average price of $4.15 and a 200 day moving average price of $3.46.

Blend Labs Company 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.