Counterpoint Mutual Funds LLC Takes Position in Blend Labs, Inc. (NYSE:BLND)

Counterpoint Mutual Funds LLC bought a new stake in shares of Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, Holdings Channel.com reports. The fund bought 71,849 shares of the company’s stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BLND. Principal Financial Group Inc. grew its holdings in Blend Labs by 697.6% during the 3rd 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. GSA Capital Partners LLP purchased a new position in shares of Blend Labs in the 3rd quarter valued at approximately $314,000. Intech Investment Management LLC purchased a new position in shares of Blend Labs in the 3rd quarter valued at approximately $194,000. Charles Schwab Investment Management Inc. raised its position in shares of Blend Labs by 7.9% in 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 last quarter. Finally, Advantage Alpha Capital Partners LP purchased a new position in shares of Blend Labs in the 3rd quarter valued at approximately $3,253,000. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research report on Monday, March 3rd. Canaccord Genuity Group dropped their price target on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research note on Friday, February 28th. JMP Securities assumed coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target on the stock. Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their target price on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Two 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $4.91.

Blend Labs Trading Down 2.7 %

Shares of BLND opened at $3.49 on Wednesday. The firm has a market cap of $891.92 million, a P/E ratio of -10.25 and a beta of 1.40. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The company’s 50-day moving average price is $3.64 and its 200 day moving average price is $3.97.

Insider Activity at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the completion of the transaction, the insider now directly owns 866,759 shares of the company’s stock, valued at $3,233,011.07. The trade was a 3.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 154,247 shares of company stock worth $580,459. Company insiders own 13.21% of the company’s stock.

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.