Blend Labs, Inc. (NYSE:BLND) Shares Sold by ShawSpring Partners LLC

ShawSpring Partners LLC lowered its position in Blend Labs, Inc. (NYSE:BLND) by 1.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 6,629,990 shares of the company’s stock after selling 86,154 shares during the period. Blend Labs accounts for approximately 3.1% of ShawSpring Partners LLC’s portfolio, making the stock its 10th largest position. ShawSpring Partners LLC owned 2.61% of Blend Labs worth $24,862,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Dark Forest Capital Management LP bought a new position in shares of Blend Labs during the 2nd quarter worth about $31,000. Xponance Inc. acquired a new stake in Blend Labs in the second quarter valued at approximately $35,000. Caxton Associates LP acquired a new stake in Blend Labs in the first quarter valued at approximately $60,000. SG Americas Securities LLC acquired a new position in shares of Blend Labs during the first quarter worth approximately $70,000. Finally, RiverPark Advisors LLC acquired a new position in shares of Blend Labs during the third quarter worth approximately $77,000. 52.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Blend Labs from $3.50 to $4.50 and gave the company an “overweight” rating in a research note on Thursday, November 7th. UBS Group raised their price target on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Canaccord Genuity Group increased their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their target price on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.46.

Insider Buying and Selling

In other news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the transaction, the insider now owns 286,416 shares in the company, valued at $953,765.28. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total transaction of $213,605.00. Following the sale, the director now directly owns 387,620 shares in the company, valued at $1,938,100. The trade was a 9.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,348 shares of company stock valued at $501,449. 13.21% of the stock is owned by insiders.

Blend Labs Stock Performance

Shares of NYSE BLND opened at $5.18 on Wednesday. The stock’s 50 day moving average price is $3.96 and its 200-day moving average price is $3.34. Blend Labs, Inc. has a twelve month low of $1.21 and a twelve month high of $5.40.

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.