Panoramic Capital LLC Invests $2.84 Million in Blend Labs, Inc. (NYSE:BLND)

Panoramic Capital LLC acquired a new stake in shares of Blend Labs, Inc. (NYSE:BLND - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 675,337 shares of the company's stock, valued at approximately $2,843,000. Blend Labs comprises about 1.5% of Panoramic Capital LLC's investment portfolio, making the stock its 18th largest position. Panoramic Capital LLC owned 0.26% of Blend Labs as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BLND. Lightspeed Management Company L.L.C. acquired a new position in shares of Blend Labs during the fourth quarter worth $97,366,000. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 388,583 shares during the last quarter. ShawSpring Partners LLC boosted its holdings in Blend Labs by 6.8% in the fourth quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company's stock valued at $29,803,000 after purchasing an additional 449,175 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Blend Labs by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company's stock worth $20,391,000 after acquiring an additional 75,379 shares in the last quarter. Finally, Metavasi Capital LP boosted its stake in shares of Blend Labs by 6.4% during the 4th quarter. Metavasi Capital LP now owns 4,804,101 shares of the company's stock worth $20,225,000 after acquiring an additional 290,623 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

BLND has been the subject of a number of recent research reports. Keefe, Bruyette & Woods cut their price objective on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a report on Monday, March 3rd. Wells Fargo & Company lowered their price objective on shares of Blend Labs from $6.00 to $5.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. The Goldman Sachs Group decreased their price target on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group reissued a "buy" rating and issued a $5.25 price target on shares of Blend Labs in a research report on Monday, May 12th. Finally, UBS Group decreased their price objective on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Blend Labs has a consensus rating of "Moderate Buy" and an average target price of $4.83.

Blend Labs Stock Up 0.7%

Shares of BLND stock traded up $0.03 during mid-day trading on Friday, reaching $3.67. The company's stock had a trading volume of 1,811,348 shares, compared to its average volume of 2,978,455. The company's 50 day simple moving average is $3.38 and its 200-day simple moving average is $3.88. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The firm has a market capitalization of $951.66 million, a PE ratio of -10.78 and a beta of 1.29.

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.