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

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

Several other hedge funds and other institutional investors also recently made changes to their positions in BLND. California State Teachers Retirement System boosted its stake in Blend Labs by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 189,417 shares of the company's stock valued at $797,000 after purchasing an additional 3,049 shares during the last quarter. PFG Advisors lifted its holdings in shares of Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company's stock valued at $285,000 after buying an additional 3,986 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Blend Labs by 31.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company's stock valued at $120,000 after buying an additional 6,763 shares during the period. Next Century Growth Investors LLC lifted its holdings in shares of Blend Labs by 0.5% during the 4th quarter. Next Century Growth Investors LLC now owns 1,497,871 shares of the company's stock valued at $6,306,000 after buying an additional 7,068 shares during the period. Finally, JPL Wealth Management LLC bought a new position in shares of Blend Labs during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

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

Blend Labs Stock Down 0.1%

NYSE:BLND traded down $0.01 on Friday, reaching $3.48. 2,383,130 shares of the company's stock traded hands, compared to its average volume of 2,902,394. The stock has a 50-day simple moving average of $3.47 and a 200-day simple moving average of $3.54. The firm has a market cap of $902.32 million, a PE ratio of -17.37 and a beta of 1.24. Blend Labs, Inc. has a 12 month low of $2.37 and a 12 month high of $5.53.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 20,000 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $3.46, for a total transaction of $69,200.00. Following the completion of the transaction, the insider owned 766,598 shares in the company, valued at $2,652,429.08. This trade represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nima Ghamsari sold 75,720 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $3.30, for a total value of $249,876.00. Following the transaction, the insider owned 6,065,937 shares of the company's stock, valued at approximately $20,017,592.10. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 179,850 shares of company stock worth $604,014. Insiders own 35.52% 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.