Blend Labs, Inc. (NYSE:BLND) Shares Bought by Royce & Associates LP

Key Points

• Royce & Associates LP increased its holdings in Blend Labs, Inc. by 18.8%, owning 961,251 shares valued at approximately $3.22 million as of their latest SEC filing.
• Multiple hedge funds have shown significant interest in Blend Labs, with Allianz Asset Management GmbH increasing its stake by over 1,000% in the same quarter.
• Analysts have varying ratings for Blend Labs, with a consensus target price of $4.90, reflecting cautious optimism in the stock's future performance.

Royce & Associates LP raised its position in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) by 18.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 961,251 shares of the company's stock after acquiring an additional 152,251 shares during the quarter. Royce & Associates LP owned approximately 0.37% of Blend Labs worth $3,220,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BLND. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Blend Labs in the 1st quarter worth $64,000. Rhumbline Advisers increased its position in shares of Blend Labs by 10.9% during the first quarter. Rhumbline Advisers now owns 324,773 shares of the company's stock valued at $1,088,000 after acquiring an additional 32,030 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Blend Labs by 23.5% in 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 last quarter. Vanguard Group Inc. grew its stake in shares of Blend Labs by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company's stock valued at $70,776,000 after buying an additional 388,583 shares in the last quarter. Finally, Stifel Financial Corp grew its position in Blend Labs by 96.4% in the 4th quarter. Stifel Financial Corp now owns 20,375 shares of the company's stock valued at $86,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Analysts Set New Price Targets

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

Blend Labs Price Performance

BLND traded up $0.01 during midday trading on Thursday, reaching $3.37. 715,794 shares of the company's stock were exchanged, compared to its average volume of 2,778,514. Blend Labs, Inc. has a 1-year low of $2.37 and a 1-year high of $5.53. The stock has a market capitalization of $873.76 million, a PE ratio of -16.82 and a beta of 1.24. The business's 50-day moving average price is $3.47 and its 200 day moving average price is $3.49.

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 75,720 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $3.30, for a total value of $249,876.00. Following the completion of the transaction, the insider owned 6,065,937 shares of the company's stock, valued at $20,017,592.10. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian Kneafsey sold 25,000 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $3.63, for a total value of $90,750.00. Following the completion of the transaction, the insider owned 721,598 shares of the company's stock, valued at $2,619,400.74. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 224,850 shares of company stock valued at $763,164. Insiders own 35.52% of the company's stock.

Blend Labs 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.