Irenic Capital Management LP Buys New Shares in Blend Labs, Inc. $BLND

Key Points

• Irenic Capital Management LP acquired 284,854 shares of Blend Labs, valued at approximately $954,000, making it the 20th largest holding in their investment portfolio.
• Research analysts have varied ratings for Blend Labs, with a consensus average rating of "Moderate Buy" and a price target of $4.88, while some analysts downgraded their price targets.
• Insider transactions included significant sales from executives, with one insider selling 311,886 shares for nearly $904,469, indicating a 5.14% decrease in their stock ownership.

Irenic Capital Management LP acquired a new stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 284,854 shares of the company's stock, valued at approximately $954,000. Blend Labs makes up 0.1% of Irenic Capital Management LP's investment portfolio, making the stock its 20th largest position. Irenic Capital Management LP owned approximately 0.11% of Blend Labs at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Merit Financial Group LLC bought a new stake in shares of Blend Labs during the first quarter worth $36,000. Balyasny Asset Management L.P. bought a new stake in shares of Blend Labs during the fourth quarter worth $46,000. Crescent Park Management L.P. bought a new stake in shares of Blend Labs during the first quarter worth $43,000. Pallas Capital Advisors LLC bought a new stake in shares of Blend Labs during the first quarter worth $51,000. Finally, Summit Securities Group LLC bought a new stake in shares of Blend Labs during the first quarter worth $61,000. Institutional investors own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BLND. Wall Street Zen raised shares of Blend Labs from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.25 target price on shares of Blend Labs in a research note on Friday, August 22nd. UBS Group decreased their target price on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Friday, August 8th. JMP Securities reaffirmed a "market outperform" rating and set a $7.00 target price on shares of Blend Labs in a research note on Wednesday, May 28th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Blend Labs from $4.00 to $3.75 and set a "market perform" rating on the stock in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $4.88.

Blend Labs Price Performance

Shares of Blend Labs stock traded up $0.39 during trading on Friday, hitting $4.04. The company's stock had a trading volume of 8,129,759 shares, compared to its average volume of 3,665,947. Blend Labs, Inc. has a 52 week low of $2.63 and a 52 week high of $5.53. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -26.90 and a beta of 1.25. The stock has a 50-day moving average price of $3.42 and a two-hundred day moving average price of $3.41.

Blend Labs (NYSE:BLND - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.05). The company had revenue of $31.52 million for the quarter, compared to the consensus estimate of $31.93 million. Blend Labs has set its Q3 2025 guidance at EPS. On average, equities analysts predict that Blend Labs, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Blend Labs

In related news, insider Nima Ghamsari sold 311,886 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $2.90, for a total value of $904,469.40. Following the transaction, the insider owned 5,754,051 shares in the company, valued at $16,686,747.90. The trade was a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Kneafsey sold 25,000 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $2.87, for a total transaction of $71,750.00. Following the completion of the transaction, the insider owned 696,598 shares in the company, valued at approximately $1,999,236.26. The trade was a 3.46% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 561,736 shares of company stock worth $1,739,383. 35.52% of the stock is owned by company insiders.

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.