Summit Partners Public Asset Management LLC Grows Position in Blend Labs, Inc. (NYSE:BLND)

Summit Partners Public Asset Management LLC raised its holdings in Blend Labs, Inc. (NYSE:BLND) by 452.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,895,865 shares of the company’s stock after purchasing an additional 1,552,865 shares during the period. Summit Partners Public Asset Management LLC owned 0.75% of Blend Labs worth $7,109,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Blend Labs during the 3rd quarter worth about $660,000. Fullcircle Wealth LLC bought a new stake in shares of Blend Labs during the third quarter valued at about $508,000. Advantage Alpha Capital Partners LP purchased a new stake in shares of Blend Labs in the third quarter worth about $3,253,000. Principal Financial Group Inc. bought a new position in shares of Blend Labs in the second quarter valued at approximately $809,000. Finally, ShawSpring Partners LLC grew its stake in Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after acquiring an additional 2,485,283 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BLND. Canaccord Genuity Group raised shares of 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. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company boosted their target price on Blend Labs from $3.50 to $4.50 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. 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. Finally, Keefe, Bruyette & Woods boosted their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $4.46.

Insider Buying and Selling at Blend Labs

In related news, insider Oxana Tkach sold 18,324 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the sale, the insider now directly owns 88,677 shares in the company, valued at $459,346.86. This represents a 17.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the transaction, the insider now owns 286,416 shares in the company, valued at approximately $953,765.28. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,348 shares of company stock worth $501,449 over the last ninety days. Insiders own 13.21% of the company’s stock.

Blend Labs Trading Up 0.2 %

Shares of Blend Labs stock opened at $5.19 on Friday. The business’s 50-day moving average price is $4.01 and its 200-day moving average price is $3.37. The firm has a market capitalization of $1.33 billion, a PE ratio of -15.26 and a beta of 1.16. Blend Labs, Inc. has a 12 month low of $1.21 and a 12 month high of $5.40.

About Blend Labs

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.