Counterpoint Mutual Funds LLC Purchases Shares of 71,849 Blend Labs, Inc. (NYSE:BLND)

Counterpoint Mutual Funds LLC purchased a new stake in shares of Blend Labs, Inc. (NYSE:BLND) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 71,849 shares of the company’s stock, valued at approximately $302,000.

Several other institutional investors have also added to or reduced their stakes in BLND. Principal Financial Group Inc. boosted its position in Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock valued at $10,249,000 after buying an additional 2,390,337 shares during the period. State Street Corp raised its holdings in Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares in the last quarter. Summit Partners Public Asset Management LLC raised its holdings in Blend Labs by 452.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after purchasing an additional 1,552,865 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Blend Labs by 193.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after purchasing an additional 1,130,706 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP bought a new position in Blend Labs in the 3rd quarter worth $3,253,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Price Performance

Shares of Blend Labs stock opened at $3.49 on Wednesday. The firm has a market cap of $891.92 million, a price-to-earnings ratio of -10.25 and a beta of 1.40. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The company has a 50-day moving average of $3.64 and a 200 day moving average of $3.97.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now owns 866,759 shares of the company’s stock, valued at $3,233,011.07. The trade was a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 154,247 shares of company stock worth $580,459. 13.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BLND. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. JMP Securities began coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company. Canaccord Genuity Group decreased their price objective on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a report on Friday, February 28th. 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 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 equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.91.

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.