Principal Financial Group Inc. lessened its holdings in Blend Labs, Inc. (NYSE:BLND - Free Report) by 98.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,146 shares of the company's stock after selling 1,494,653 shares during the period. Principal Financial Group Inc.'s holdings in Blend Labs were worth $64,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in BLND. Merit Financial Group LLC bought a new stake in shares of Blend Labs in the 1st quarter worth about $36,000. Balyasny Asset Management L.P. bought a new stake in shares of Blend Labs in the 4th quarter worth about $46,000. Pallas Capital Advisors LLC bought a new stake in shares of Blend Labs in the 1st quarter worth about $51,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Blend Labs in the 1st quarter worth about $64,000. Finally, Castleview Partners LLC bought a new stake in shares of Blend Labs in the 1st quarter worth about $64,000. Hedge funds and other institutional investors own 52.56% of the company's stock.
Insider Buying and Selling at Blend Labs
In related news, insider Nima Ghamsari sold 75,720 shares of the company's stock in a transaction on 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 sale, the insider directly owned 6,065,937 shares of the company's stock, valued at approximately $20,017,592.10. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Kneafsey sold 25,000 shares of the company's stock in a transaction on 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 owned 721,598 shares of the company's stock, valued at approximately $2,619,400.74. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 224,850 shares of company stock valued at $763,164. 35.52% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Wells Fargo & Company decreased their price target on shares of Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.50 to $4.00 and gave the stock a "market perform" rating in a report on Monday, May 19th. JMP Securities reiterated a "market outperform" rating and issued a $7.00 target price on shares of Blend Labs in a report on Wednesday, May 28th. Canaccord Genuity Group reiterated a "buy" rating and issued a $5.25 target price on shares of Blend Labs in a report on Monday, May 12th. Finally, The Goldman Sachs Group dropped their target price on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a report on Monday, May 12th. Two 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. Based on data from MarketBeat, Blend Labs presently has a consensus rating of "Moderate Buy" and an average price target of $4.90.
Read Our Latest Analysis on Blend Labs
Blend Labs Stock Up 0.3%
BLND stock traded up $0.01 during trading hours on Friday, hitting $3.62. The company's stock had a trading volume of 1,483,756 shares, compared to its average volume of 1,718,687. The company has a market capitalization of $940.49 million, a PE ratio of -18.11 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. The stock has a 50 day moving average price of $3.48 and a two-hundred day moving average price of $3.50.
Blend Labs Company Profile
(
Free Report)
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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