Renaissance Technologies LLC Trims Stake in Blend Labs, Inc. (NYSE:BLND)

Renaissance Technologies LLC reduced its stake in Blend Labs, Inc. (NYSE:BLND - Free Report) by 60.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 413,000 shares of the company's stock after selling 636,360 shares during the quarter. Renaissance Technologies LLC owned 0.16% of Blend Labs worth $1,739,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in shares of 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 purchasing an additional 2,390,337 shares in the last quarter. Invesco Ltd. lifted its holdings in Blend Labs by 1,230.9% during the 4th quarter. Invesco Ltd. now owns 1,576,347 shares of the company's stock worth $6,636,000 after buying an additional 1,457,901 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Blend Labs in the 4th quarter valued at approximately $5,722,000. JPMorgan Chase & Co. grew its stake in shares of Blend Labs by 193.5% in the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company's stock worth $6,431,000 after acquiring an additional 1,130,706 shares in the last quarter. Finally, Royce & Associates LP purchased a new stake in shares of Blend Labs during the fourth quarter worth $3,406,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Blend Labs Stock Up 2.6 %

Blend Labs stock traded up $0.09 during mid-day trading on Friday, hitting $3.35. The company had a trading volume of 373,801 shares, compared to its average volume of 2,927,341. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The business has a fifty day moving average of $3.33 and a 200 day moving average of $3.89. The stock has a market cap of $868.57 million, a price-to-earnings ratio of -9.84 and a beta of 1.29.

Analyst Upgrades and Downgrades

Several research firms recently commented on BLND. Canaccord Genuity Group lowered their target price on Blend Labs from $5.75 to $5.25 and set a "buy" rating for the company in a research note on Friday, February 28th. 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. UBS Group reduced their target price on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Blend Labs from $3.85 to $3.50 and set a "market perform" rating for the company in a research note on Monday, March 3rd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Blend Labs has a consensus rating of "Moderate Buy" and a consensus price target of $4.70.

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.