ShawSpring Partners LLC Purchases 449,175 Shares of Blend Labs, Inc. (NYSE:BLND)

ShawSpring Partners LLC boosted its stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) by 6.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,079,165 shares of the company's stock after buying an additional 449,175 shares during the period. Blend Labs comprises 3.9% of ShawSpring Partners LLC's investment portfolio, making the stock its 11th largest holding. ShawSpring Partners LLC owned about 2.77% of Blend Labs worth $29,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLND. JPL Wealth Management LLC purchased a new position in Blend Labs during the 4th quarter worth approximately $42,000. Olympiad Research LP acquired a new stake in Blend Labs during the 4th quarter worth about $47,000. Trellis Wealth Advisors LLC purchased a new position in Blend Labs during the 4th quarter valued at about $57,000. BBR Partners LLC acquired a new position in shares of Blend Labs in the 4th quarter valued at about $60,000. Finally, Virtu Financial LLC purchased a new stake in shares of Blend Labs in the third quarter worth approximately $63,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Canaccord Genuity Group dropped their price objective 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. Keefe, Bruyette & Woods cut their target price 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 objective 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 investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Blend Labs has a consensus rating of "Moderate Buy" and a consensus target price of $4.91.

Blend Labs Price Performance

Shares of BLND stock traded down $0.08 during trading hours on Monday, reaching $3.03. The company had a trading volume of 487,269 shares, compared to its average volume of 3,461,609. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-year high of $5.53. The firm has a market cap of $786.78 million, a price-to-earnings ratio of -8.91 and a beta of 1.29. The company has a 50 day moving average of $3.43 and a 200 day moving average of $3.91.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were 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 owns 776,759 shares of the company's stock, valued at $2,897,311.07. This represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 13.21% of the company's stock.

Blend Labs Company 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.