Lightspeed Management Company L.L.C. Takes Position in Blend Labs, Inc. (NYSE:BLND)

Lightspeed Management Company L.L.C. acquired a new stake in Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 23,127,237 shares of the company’s stock, valued at approximately $97,366,000. Blend Labs comprises approximately 27.2% of Lightspeed Management Company L.L.C.’s portfolio, making the stock its 2nd biggest position. Lightspeed Management Company L.L.C. owned approximately 9.04% of Blend Labs as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Gotham Asset Management LLC grew its position in Blend Labs by 61.5% in the 4th quarter. Gotham Asset Management LLC now owns 138,639 shares of the company’s stock valued at $584,000 after acquiring an additional 52,779 shares during the last quarter. G2 Investment Partners Management LLC grew its position in Blend Labs by 12.1% in the 4th quarter. G2 Investment Partners Management LLC now owns 1,394,133 shares of the company’s stock valued at $5,869,000 after acquiring an additional 150,315 shares during the last quarter. Deutsche Bank AG grew its position in Blend Labs by 748.2% in the 4th quarter. Deutsche Bank AG now owns 1,203,511 shares of the company’s stock valued at $5,067,000 after acquiring an additional 1,061,621 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Blend Labs in the 4th quarter valued at $1,645,000. Finally, Caxton Associates LP grew its position in Blend Labs by 36.8% in the 4th quarter. Caxton Associates LP now owns 138,669 shares of the company’s stock valued at $584,000 after acquiring an additional 37,338 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Blend Labs Price Performance

Shares of NYSE BLND opened at $3.53 on Monday. The stock has a market capitalization of $916.61 million, a P/E ratio of -10.38 and a beta of 1.29. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-year high of $5.53. The business has a fifty day moving average price of $3.33 and a 200 day moving average price of $3.88.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). As a group, equities research analysts anticipate that Blend Labs, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BLND has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price target on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Canaccord Genuity Group dropped their price target on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a research report on Friday, February 28th. Keefe, Bruyette & Woods dropped their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research report on Monday, March 3rd. Finally, UBS Group dropped their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.70.

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.