Olympiad Research LP Acquires New Shares in Blend Labs, Inc. (NYSE:BLND)

Olympiad Research LP bought a new position in shares of Blend Labs, Inc. (NYSE:BLND) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 11,226 shares of the company’s stock, valued at approximately $47,000.

Several other institutional investors also recently modified their holdings of BLND. State Street Corp boosted its stake in Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after acquiring an additional 1,995,362 shares during the last quarter. Geode Capital Management LLC raised its stake in Blend Labs by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after buying an additional 283,207 shares during the period. Principal Financial Group Inc. lifted its holdings in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares in the last quarter. Summit Partners Public Asset Management LLC grew its stake in Blend Labs by 452.7% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after acquiring an additional 1,552,865 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Blend Labs by 193.5% in the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after acquiring an additional 1,130,706 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BLND has been the topic of several recent analyst reports. JMP Securities started coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group raised their price objective on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Blend Labs currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.11.

Blend Labs Trading Down 5.7 %

Shares of BLND stock opened at $3.57 on Tuesday. The firm’s fifty day moving average price is $3.95 and its two-hundred day moving average price is $4.02. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The firm has a market capitalization of $912.39 million, a P/E ratio of -10.48 and a beta of 1.36.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now directly owns 776,759 shares in the company, valued at approximately $2,897,311.07. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the sale, the director now directly owns 331,130 shares in the company, valued at $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. Over the last quarter, insiders have sold 270,737 shares of company stock valued at $1,196,254. 13.21% of the stock is owned by insiders.

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.