Advantage Alpha Capital Partners LP Has $2.37 Million Stake in Blend Labs, Inc. (NYSE:BLND)

Advantage Alpha Capital Partners LP lessened its holdings in Blend Labs, Inc. (NYSE:BLND) by 35.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 563,716 shares of the company’s stock after selling 303,782 shares during the quarter. Advantage Alpha Capital Partners LP owned 0.22% of Blend Labs worth $2,373,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in Blend Labs by 697.6% in the 3rd 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. State Street Corp lifted its position in shares of 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 during the period. Summit Partners Public Asset Management LLC grew its stake in Blend Labs by 452.7% during the third 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 during the period. JPMorgan Chase & Co. raised its holdings in shares of Blend Labs by 193.5% during the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock valued at $6,431,000 after purchasing an additional 1,130,706 shares during the period. Finally, Royce & Associates LP bought a new position in shares of Blend Labs in the 4th quarter worth $3,406,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Price Performance

BLND opened at $3.66 on Monday. The business has a 50 day simple moving average of $3.64 and a two-hundred day simple moving average of $3.97. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The firm has a market capitalization of $935.42 million, a price-to-earnings ratio of -10.75 and a beta of 1.40.

Insider Transactions at Blend Labs

In related news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now owns 776,759 shares of the company’s stock, valued at $2,897,311.07. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 150,000 shares of company stock valued at $561,900 in the last three months. 13.21% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BLND has been the subject of a number of recent analyst reports. UBS Group reduced their price objective on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. Keefe, Bruyette & Woods cut their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a report on Monday, March 3rd. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Finally, Wells Fargo & Company raised their price target on Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $4.91.

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.