Blend Labs, Inc. (NYSE:BLND) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC trimmed its position in Blend Labs, Inc. (NYSE:BLND) by 8.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 434,211 shares of the company’s stock after selling 39,150 shares during the period. Lake Street Advisors Group LLC owned approximately 0.17% of Blend Labs worth $1,828,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fullcircle Wealth LLC bought a new stake in shares of Blend Labs in the 3rd quarter worth $508,000. Principal Financial Group Inc. grew its holdings in 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 acquiring an additional 2,390,337 shares during the period. Cypress Point Wealth Management LLC raised its position in Blend Labs by 15.2% in the third quarter. Cypress Point Wealth Management LLC now owns 226,447 shares of the company’s stock worth $849,000 after acquiring an additional 29,848 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Blend Labs in the 3rd quarter valued at about $314,000. Finally, RiverPark Advisors LLC bought a new position in shares of Blend Labs during the 3rd quarter valued at about $77,000. 52.56% of the stock is owned by institutional investors.

Blend Labs Stock Performance

NYSE BLND opened at $3.63 on Thursday. The firm’s 50 day moving average price is $3.89 and its two-hundred day moving average price is $4.02. Blend Labs, Inc. has a twelve month low of $2.08 and a twelve month high of $5.53. The stock has a market cap of $929.03 million, a price-to-earnings ratio of -10.68 and a beta of 1.36.

Insider Transactions at Blend Labs

In other news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the transaction, the director now owns 331,130 shares in the company, valued at $1,821,215. This represents a 14.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total transaction of $153,600.00. Following the completion of the sale, the insider now directly owns 937,439 shares of the company’s stock, valued at $4,799,687.68. This trade represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 270,737 shares of company stock valued at $1,196,254 over the last quarter. Company insiders own 13.21% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BLND. JMP Securities began coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Keefe, Bruyette & Woods lifted their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their target price on Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.11.

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.