Blend Labs, Inc. (NYSE:BLND) Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its holdings in Blend Labs by 1,002.6%, owning 117,375 shares valued at approximately $393,000 as of the end of the first quarter.
• Several institutional investors have invested in Blend Labs recently, with notable purchases including a $97.37 million stake by Lightspeed Management Company.
• Analysts maintain a consensus rating of "Moderate Buy" for Blend Labs, with price targets ranging from $4.00 to $7.00, indicating potential growth for the stock.

Allianz Asset Management GmbH raised its position in Blend Labs, Inc. (NYSE:BLND - Free Report) by 1,002.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,375 shares of the company's stock after acquiring an additional 106,730 shares during the quarter. Allianz Asset Management GmbH's holdings in Blend Labs were worth $393,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BLND. Merit Financial Group LLC purchased a new stake in Blend Labs in the 1st quarter valued at approximately $36,000. Balyasny Asset Management L.P. acquired a new position in Blend Labs in the fourth quarter worth about $46,000. Pallas Capital Advisors LLC acquired a new position in Blend Labs in the first quarter worth about $51,000. Cerity Partners LLC bought a new position in Blend Labs in the first quarter worth about $62,000. Finally, Castleview Partners LLC bought a new position in Blend Labs in the first quarter worth about $64,000. Institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BLND. Keefe, Bruyette & Woods lifted their price objective on shares of Blend Labs from $3.50 to $4.00 and gave the company a "market perform" rating in a research note on Monday, May 19th. The Goldman Sachs Group cut their target price on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group reissued a "buy" rating and set a $5.25 target price on shares of Blend Labs in a research report on Monday, May 12th. JMP Securities reissued a "market outperform" rating and set a $7.00 target price on shares of Blend Labs in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company dropped their price objective on shares of Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Blend Labs has an average rating of "Moderate Buy" and an average target price of $4.90.

Insiders Place Their Bets

In related news, insider Nima Ghamsari sold 75,720 shares of Blend Labs stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $3.30, for a total transaction of $249,876.00. Following the completion of the transaction, the insider directly owned 6,065,937 shares of the company's stock, valued at $20,017,592.10. This trade represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Brian Kneafsey sold 25,000 shares of Blend Labs stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $3.63, for a total transaction of $90,750.00. Following the transaction, the insider directly owned 721,598 shares of the company's stock, valued at approximately $2,619,400.74. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 224,850 shares of company stock worth $763,164. 35.52% of the stock is owned by company insiders.

Blend Labs Price Performance

Shares of Blend Labs stock traded down $0.16 on Wednesday, hitting $3.54. 633,803 shares of the company's stock traded hands, compared to its average volume of 2,763,312. The firm's 50-day moving average price is $3.48 and its two-hundred day moving average price is $3.49. The stock has a market capitalization of $917.90 million, a PE ratio of -17.67 and a beta of 1.24. Blend Labs, Inc. has a one year low of $2.59 and a one year high of $5.53.

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.