Calamos Advisors LLC Lowers Holdings in Blend Labs, Inc. (NYSE:BLND)

Calamos Advisors LLC lessened its stake in Blend Labs, Inc. (NYSE:BLND - Free Report) by 84.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,990 shares of the company's stock after selling 253,005 shares during the quarter. Calamos Advisors LLC's holdings in Blend Labs were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Rhumbline Advisers increased its holdings in Blend Labs by 10.9% in the 1st quarter. Rhumbline Advisers now owns 324,773 shares of the company's stock worth $1,088,000 after buying an additional 32,030 shares in the last quarter. Swiss National Bank grew its stake in shares of Blend Labs by 3.5% during the 4th quarter. Swiss National Bank now owns 392,500 shares of the company's stock valued at $1,652,000 after purchasing an additional 13,300 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Blend Labs by 23.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,242 shares of the company's stock valued at $397,000 after purchasing an additional 17,914 shares during the period. Vanguard Group Inc. grew its stake in shares of Blend Labs by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company's stock valued at $70,776,000 after purchasing an additional 388,583 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Blend Labs by 96.4% during the 4th quarter. Stifel Financial Corp now owns 20,375 shares of the company's stock valued at $86,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Blend Labs Stock Down 2.3%

Shares of BLND opened at $3.45 on Tuesday. The company has a market cap of $895.83 million, a PE ratio of -17.25 and a beta of 1.24. The business has a fifty day moving average of $3.45 and a 200 day moving average of $3.55. Blend Labs, Inc. has a 52-week low of $2.27 and a 52-week high of $5.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BLND shares. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $3.50 to $4.00 and gave the company a "market perform" rating in a research note on Monday, May 19th. JMP Securities reiterated a "market outperform" rating and set a $7.00 price objective on shares of Blend Labs in a research note on Wednesday, May 28th. Canaccord Genuity Group reiterated a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a research note on Monday, May 12th. The Goldman Sachs Group cut their price objective 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. Finally, Wells Fargo & Company cut their price objective on Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Two research 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 company's stock. According to MarketBeat.com, Blend Labs has a consensus rating of "Moderate Buy" and an average target price of $4.90.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 20,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $3.31, for a total value of $66,200.00. Following the transaction, the insider owned 786,598 shares of the company's stock, valued at $2,603,639.38. This represents a 2.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the transaction, the insider directly owned 6,065,937 shares in the company, valued at $20,017,592.10. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 159,850 shares of company stock worth $534,814 in the last ninety days. 35.52% of the stock is currently owned by corporate insiders.

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.

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