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

Summit Partners Public Asset Management LLC boosted its holdings in shares of Blend Labs, Inc. (NYSE:BLND) by 452.7% during the third quarter, Holdings Channel reports. The firm owned 1,895,865 shares of the company’s stock after acquiring an additional 1,552,865 shares during the quarter. Summit Partners Public Asset Management LLC’s holdings in Blend Labs were worth $7,109,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Blend Labs by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after buying an additional 46,526 shares during the last quarter. ShawSpring Partners LLC boosted its holdings in Blend Labs by 58.7% in 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. Principal Financial Group Inc. boosted its holdings in Blend Labs by 697.6% in the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after acquiring an additional 2,390,337 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Blend Labs by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock valued at $6,161,000 after purchasing an additional 120,152 shares during the period. Finally, Advantage Alpha Capital Partners LP bought a new position in Blend Labs in the 3rd quarter worth $3,253,000. Institutional investors own 52.56% of the company’s stock.

Blend Labs Trading Up 0.2 %

Shares of NYSE:BLND opened at $5.19 on Friday. The stock has a fifty day simple moving average of $4.01 and a two-hundred day simple moving average of $3.37. Blend Labs, Inc. has a 12-month low of $1.21 and a 12-month high of $5.40. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -15.26 and a beta of 1.16.

Insider Transactions at Blend Labs

In related news, insider Oxana Tkach sold 18,324 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 owns 88,677 shares of the company’s stock, valued at $459,346.86. This trade represents a 17.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total value of $213,605.00. Following the completion of the transaction, the director now directly owns 387,620 shares in the company, valued at $1,938,100. This trade represents a 9.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,348 shares of company stock valued at $501,449 in the last quarter. 13.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods upped their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Wells Fargo & Company raised their target price on Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price target on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and increased their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

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.