Bank of America Corp DE Buys 163,602 Shares of Blend Labs, Inc. (NYSE:BLND)

Bank of America Corp DE raised its position in Blend Labs, Inc. (NYSE:BLND - Free Report) by 16.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,137,457 shares of the company's stock after purchasing an additional 163,602 shares during the quarter. Bank of America Corp DE owned 0.44% of Blend Labs worth $4,789,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. JPL Wealth Management LLC acquired a new stake in Blend Labs in the fourth quarter valued at $42,000. Olympiad Research LP acquired a new position in shares of Blend Labs in the fourth quarter worth approximately $47,000. Trellis Wealth Advisors LLC bought a new stake in Blend Labs in the fourth quarter valued at approximately $57,000. BBR Partners LLC acquired a new stake in Blend Labs during the 4th quarter valued at approximately $60,000. Finally, Landscape Capital Management L.L.C. bought a new position in Blend Labs during the 4th quarter worth approximately $70,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price objective 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 reaffirmed a "buy" rating and issued a $5.25 price target on shares of Blend Labs in a research note on Monday, May 12th. JMP Securities reissued a "market outperform" rating and set a $7.00 price objective on shares of Blend Labs in a research report on Wednesday. UBS Group reduced their target price on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their price target on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4.90.

Blend Labs Price Performance

Shares of NYSE BLND traded up $0.09 during mid-day trading on Friday, reaching $3.69. 2,828,514 shares of the company's stock traded hands, compared to its average volume of 3,013,484. The business has a 50-day simple moving average of $3.37 and a 200 day simple moving average of $3.84. The stock has a market cap of $958.15 million, a P/E ratio of -10.85 and a beta of 1.29. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-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.