Point72 Asset Management L.P. Buys Shares of 313,205 Blend Labs, Inc. (NYSE:BLND)

Point72 Asset Management L.P. bought a new stake in shares of Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 313,205 shares of the company’s stock, valued at approximately $1,319,000.

Several other institutional investors also recently bought and sold shares of the stock. Lightspeed Management Company L.L.C. bought a new position in Blend Labs during the fourth quarter valued at about $97,366,000. Vanguard Group Inc. increased its stake in shares of Blend Labs by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock worth $70,776,000 after purchasing an additional 388,583 shares during the period. ShawSpring Partners LLC increased its stake in shares of Blend Labs by 6.8% in the fourth quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company’s stock worth $29,803,000 after purchasing an additional 449,175 shares during the period. Geode Capital Management LLC increased its stake in shares of Blend Labs by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock worth $20,391,000 after purchasing an additional 75,379 shares during the period. Finally, Metavasi Capital LP increased its stake in shares of Blend Labs by 6.4% in the fourth quarter. Metavasi Capital LP now owns 4,804,101 shares of the company’s stock worth $20,225,000 after purchasing an additional 290,623 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Stock Down 4.3%

Shares of BLND opened at $3.47 on Thursday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The firm has a market capitalization of $901.81 million, a price-to-earnings ratio of -10.21 and a beta of 1.29. The stock’s 50-day moving average price is $3.38 and its 200 day moving average price is $3.88.

Analysts Set New Price Targets

A number of research firms have recently commented on BLND. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.25 price objective on shares of Blend Labs in a research note on Monday, May 12th. Wells Fargo & Company dropped their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group dropped their price objective on Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a research note on Monday, May 12th. UBS Group reduced their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Blend Labs from $3.50 to $4.00 and gave the company a “market perform” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $4.90.

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.