Summit Global Investments Makes New $546,000 Investment in Blend Labs, Inc. (NYSE:BLND)

Summit Global Investments acquired a new stake in Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 129,743 shares of the company’s stock, valued at approximately $546,000. Summit Global Investments owned about 0.05% of Blend Labs at the end of the most recent quarter.

Several other large investors have also modified their holdings of BLND. State Street Corp raised its position in Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Geode Capital Management LLC increased its stake in Blend Labs by 6.3% in the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after purchasing an additional 283,207 shares during the period. Principal Financial Group Inc. boosted its stake in shares of 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 buying an additional 2,390,337 shares during the period. Summit Partners Public Asset Management LLC grew its holdings in shares of Blend Labs by 452.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after buying an additional 1,552,865 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Blend Labs by 12.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,841,176 shares of the company’s stock worth $7,751,000 after buying an additional 198,125 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BLND has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research note on Monday, March 3rd. UBS Group reduced their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, February 28th. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target on the stock. Canaccord Genuity Group reduced their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, Wells Fargo & Company upped their target price on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.91.

Blend Labs Stock Up 0.1 %

Shares of NYSE:BLND opened at $3.66 on Tuesday. The company has a market capitalization of $935.42 million, a P/E ratio of -10.75 and a beta of 1.40. Blend Labs, Inc. has a 52-week low of $2.08 and a 52-week high of $5.53. The stock’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $3.98.

Insider Activity at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total value of $102,300.00. Following the completion of the sale, the insider now directly owns 836,759 shares of the company’s stock, valued at approximately $2,853,348.19. The trade was a 3.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 150,000 shares of company stock valued at $561,900. 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.