Cubist Systematic Strategies LLC Purchases New Shares in Blend Labs, Inc. (NYSE:BLND)

Cubist Systematic Strategies LLC bought a new position in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 390,793 shares of the company's stock, valued at approximately $1,645,000. Cubist Systematic Strategies LLC owned 0.15% of Blend Labs as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Caxton Associates LP grew its stake in Blend Labs by 36.8% in the 4th quarter. Caxton Associates LP now owns 138,669 shares of the company's stock valued at $584,000 after purchasing an additional 37,338 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Blend Labs during the 4th quarter worth $46,000. Bank of America Corp DE grew its stake in shares of Blend Labs by 16.8% during the 4th quarter. Bank of America Corp DE now owns 1,137,457 shares of the company's stock worth $4,789,000 after acquiring an additional 163,602 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Blend Labs during the 4th quarter worth $1,213,000. Finally, Algert Global LLC bought a new position in shares of Blend Labs during the 4th quarter worth $305,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. The Goldman Sachs Group cut their target price on Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research note on Monday, May 12th. Wells Fargo & Company lowered their price target on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.25 price target on shares of Blend Labs in a report on Monday, May 12th. Keefe, Bruyette & Woods lowered their price target 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. Finally, UBS Group lowered their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $4.83.

Blend Labs Trading Up 0.7%

Shares of BLND stock traded up $0.03 during trading hours on Friday, reaching $3.67. The company's stock had a trading volume of 1,811,348 shares, compared to its average volume of 2,984,737. The stock has a market capitalization of $951.66 million, a P/E ratio of -10.78 and a beta of 1.29. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The firm's fifty day simple moving average is $3.38 and its 200 day simple moving average is $3.88.

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.