Geode Capital Management LLC Has $17.88 Million Holdings in Blend Labs, Inc. (NYSE:BLND)

Geode Capital Management LLC grew its holdings in shares of Blend Labs, Inc. (NYSE:BLND) by 6.3% in the 3rd quarter, Holdings Channel reports. The fund owned 4,767,104 shares of the company’s stock after buying an additional 283,207 shares during the period. Geode Capital Management LLC’s holdings in Blend Labs were worth $17,880,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Blend Labs by 3,799.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after purchasing an additional 638,102 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Blend Labs during the second quarter worth $809,000. Rhumbline Advisers grew its stake in shares of Blend Labs by 4,370.6% during the second quarter. Rhumbline Advisers now owns 273,423 shares of the company’s stock worth $645,000 after buying an additional 267,307 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Blend Labs by 8.6% during the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock worth $1,840,000 after buying an additional 62,000 shares in the last quarter. Finally, ClariVest Asset Management LLC lifted its stake in shares of Blend Labs by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 252,059 shares of the company’s stock valued at $595,000 after acquiring an additional 6,988 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Insider Activity

In related news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the transaction, the director now directly owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This represents a 14.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Oxana Tkach sold 18,324 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the completion of the transaction, the insider now owns 88,677 shares in the company, valued at approximately $459,346.86. The trade was a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,782 shares of company stock worth $1,011,478 in the last quarter. 13.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JMP Securities assumed coverage on Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price for the company. UBS Group upped their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group boosted their target price on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Price Performance

NYSE BLND opened at $4.29 on Friday. The stock has a market capitalization of $1.10 billion, a P/E ratio of -12.62 and a beta of 1.33. The business has a 50 day simple moving average of $4.51 and a 200 day simple moving average of $3.67. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53.

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.