Caxton Associates LP Takes $60,000 Position in Blend Labs, Inc. (NYSE:BLND)

Caxton Associates LP bought a new position in Blend Labs, Inc. (NYSE:BLND) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,574 shares of the company’s stock, valued at approximately $60,000.

A number of other large investors have also bought and sold shares of the business. EP Wealth Advisors LLC boosted its stake in Blend Labs by 8.1% in the first quarter. EP Wealth Advisors LLC now owns 196,757 shares of the company’s stock worth $639,000 after purchasing an additional 14,754 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Blend Labs during the 1st quarter worth about $190,000. Lake Street Advisors Group LLC bought a new stake in Blend Labs during the 1st quarter worth about $1,538,000. Acadian Asset Management LLC increased its position in Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after acquiring an additional 692,220 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Blend Labs by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after acquiring an additional 46,526 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Trading Down 6.2 %

Shares of BLND traded down $0.18 on Tuesday, reaching $2.74. 889,910 shares of the company’s stock were exchanged, compared to its average volume of 1,983,531. The business has a 50 day moving average price of $2.70 and a two-hundred day moving average price of $2.70. Blend Labs, Inc. has a 12 month low of $1.03 and a 12 month high of $3.40. The stock has a market capitalization of $691.52 million, a P/E ratio of -4.76 and a beta of 1.10.

Blend Labs (NYSE:BLND) last issued its earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.03. Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. The company had revenue of $34.95 million during the quarter, compared to analysts’ expectations of $33.94 million. Equities research analysts predict that Blend Labs, Inc. will post -0.39 EPS for the current year.

Insider Activity at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 281,763 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $2.77, for a total value of $780,483.51. Following the transaction, the insider now directly owns 427,237 shares in the company, valued at $1,183,446.49. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 11.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BLND shares. Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a report on Friday, May 10th. Canaccord Genuity Group reissued a “hold” rating and issued a $3.00 target price on shares of Blend Labs in a research note on Wednesday, May 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.15.

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.