Lightspeed Management Company L.L.C. Purchases New Position in Blend Labs, Inc. (NYSE:BLND)

Lightspeed Management Company L.L.C. acquired a new position in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,127,237 shares of the company's stock, valued at approximately $97,366,000. Blend Labs comprises 27.2% of Lightspeed Management Company L.L.C.'s portfolio, making the stock its 2nd largest holding. Lightspeed Management Company L.L.C. owned 9.04% of Blend Labs at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BLND. Barclays PLC raised its holdings in Blend Labs by 263.1% during the 3rd quarter. Barclays PLC now owns 407,774 shares of the company's stock worth $1,530,000 after purchasing an additional 295,460 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company's stock worth $10,249,000 after buying an additional 2,390,337 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Blend Labs by 193.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company's stock valued at $6,431,000 after purchasing an additional 1,130,706 shares during the last quarter. Franklin Resources Inc. bought a new stake in Blend Labs during the third quarter worth $2,463,000. Finally, Swiss National Bank lifted its position in shares of Blend Labs by 3.5% during the fourth quarter. Swiss National Bank now owns 392,500 shares of the company's stock valued at $1,652,000 after purchasing an additional 13,300 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Blend Labs Stock Up 0.6%

Shares of NYSE:BLND traded up $0.02 during trading on Thursday, hitting $3.63. The stock had a trading volume of 2,448,172 shares, compared to its average volume of 2,973,521. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The company has a market capitalization of $942.57 million, a PE ratio of -10.68 and a beta of 1.29. The firm's fifty day moving average is $3.36 and its 200 day moving average is $3.88.

Analyst Ratings Changes

Several analysts have commented on the stock. The Goldman Sachs Group lowered their price objective on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a research report on Monday. Keefe, Bruyette & Woods decreased their price objective on Blend Labs from $3.85 to $3.50 and set a "market perform" rating on the stock in a report on Monday, March 3rd. UBS Group cut their target price on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a research note on Monday. Finally, Wells Fargo & Company lowered 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 analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $4.83.

About Blend Labs

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.