JPL Wealth Management LLC Takes $42,000 Position in Blend Labs, Inc. (NYSE:BLND)

JPL Wealth Management LLC bought a new stake in shares of Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 10,000 shares of the company’s stock, valued at approximately $42,000.

Several other hedge funds have also modified their holdings of BLND. Principal Financial Group Inc. raised its holdings in shares of Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after buying an additional 2,390,337 shares during the period. GSA Capital Partners LLP purchased a new stake in Blend Labs during the 3rd quarter worth approximately $314,000. RiverPark Advisors LLC purchased a new stake in Blend Labs during the 3rd quarter worth approximately $77,000. Intech Investment Management LLC purchased a new stake in Blend Labs during the 3rd quarter worth approximately $194,000. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 worth $6,161,000 after purchasing an additional 120,152 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Price Performance

NYSE:BLND opened at $3.49 on Friday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The firm has a market capitalization of $891.92 million, a P/E ratio of -10.25 and a beta of 1.40. The business has a 50 day simple moving average of $3.66 and a 200 day simple moving average of $3.97.

Insider Activity at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $4.27, for a total transaction of $128,100.00. Following the completion of the transaction, the insider now owns 896,759 shares in the company, valued at $3,829,160.93. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 184,247 shares of company stock worth $731,959 in the last 90 days. 13.21% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JMP Securities assumed 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. Keefe, Bruyette & Woods dropped their price objective on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Canaccord Genuity Group lowered their price target on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, UBS Group lowered their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4.91.

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.