Prospect Capital Advisors LLC Sells 1,088,700 Shares of Blend Labs, Inc. $BLND

Key Points

• Prospect Capital Advisors cut its Blend Labs stake by 59.8%, selling 1,088,700 shares and retaining 731,450 shares, worth about $1.24 million. Institutional investors collectively own 52.56% of BLND.
• Blend Labs shares opened at $1.78, with a $432.18 million market capitalization and a 12-month trading range of $1.18 to $4.49.
• Analyst sentiment is mixed: the stock has a consensus rating of “Hold” and an average price target of $3.32, with ratings ranging from “strong sell” to “buy.”

Prospect Capital Advisors LLC reduced its stake in Blend Labs, Inc. (NYSE:BLND - Free Report) by 59.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 731,450 shares of the company's stock after selling 1,088,700 shares during the quarter. Blend Labs accounts for approximately 0.7% of Prospect Capital Advisors LLC's portfolio, making the stock its 28th largest holding. Prospect Capital Advisors LLC owned 0.30% of Blend Labs worth $1,243,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Royce & Associates LP raised its position in Blend Labs by 18.4% in the fourth quarter. Royce & Associates LP now owns 1,978,135 shares of the company's stock worth $6,014,000 after acquiring an additional 306,895 shares during the period. Irenic Capital Management LP bought a new position in shares of Blend Labs during the 4th quarter valued at approximately $9,469,000. Tudor Investment Corp ET AL grew its position in shares of Blend Labs by 81.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,300,087 shares of the company's stock valued at $4,745,000 after acquiring an additional 581,622 shares during the period. Whetstone Capital Advisors LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $3,560,000. Finally, Kazazian Asset Management LLC purchased a new stake in shares of Blend Labs during the 4th quarter worth approximately $1,172,000. Institutional investors own 52.56% of the company's stock.

Blend Labs Stock Up 2.0%

NYSE BLND opened at $1.78 on Friday. The firm has a market cap of $432.18 million, a P/E ratio of -17.85 and a beta of 1.10. The company's 50 day moving average is $1.72 and its 200-day moving average is $1.80. Blend Labs, Inc. has a 12-month low of $1.18 and a 12-month high of $4.49.

Wall Street Analyst Weigh In

Several research firms recently commented on BLND. Zacks Research downgraded Blend Labs from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Citizens Jmp reissued a "market outperform" rating and issued a $4.00 target price on shares of Blend Labs in a research report on Tuesday, July 21st. Weiss Ratings lowered Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 2nd. Citigroup reaffirmed a "market outperform" rating on shares of Blend Labs in a research report on Tuesday, July 21st. Finally, Canaccord Genuity Group cut their price target on Blend Labs from $5.25 to $4.50 and set a "buy" rating for the company in a research note on Friday, May 15th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $3.32.

Blend Labs Company Profile

Blend Labs, Inc operates as a financial technology company that offers a digital consumer banking platform designed to simplify and automate the lending and account opening processes for banks and credit unions. Its cloud-native software enables financial institutions to deliver a more seamless customer experience by consolidating multiple steps—such as application intake, identity verification, document collection and underwriting—into a unified digital workflow. Blend's platform is built to integrate with existing core banking systems and third-party data providers, allowing clients to accelerate loan origination and deposit account opening while maintaining compliance and security standards.

The company's product suite includes solutions for mortgage origination, home equity lending, consumer personal lending and deposit account opening.

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