Adero Partners LLC Lowers Stock Holdings in Blend Labs, Inc. (NYSE:BLND)

Adero Partners LLC lowered its holdings in Blend Labs, Inc. (NYSE:BLND) by 33.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,815 shares of the company’s stock after selling 7,407 shares during the period. Adero Partners LLC’s holdings in Blend Labs were worth $56,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BLND. ShawSpring Partners LLC grew its position in Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after acquiring an additional 2,485,283 shares during the period. Principal Financial Group Inc. grew its position 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 valued at $10,249,000 after acquiring an additional 2,390,337 shares during the period. Acadian Asset Management LLC grew its position in Blend Labs by 2,656.9% during the first quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after acquiring an additional 692,220 shares during the period. Bank of New York Mellon Corp grew its position in Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after acquiring an additional 638,102 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in Blend Labs during the third quarter valued at about $1,803,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Insider Buying and Selling

In other Blend Labs news, insider Winnie Ling sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $3.43, for a total transaction of $68,600.00. Following the sale, the insider now owns 259,169 shares in the company, valued at $888,949.67. This represents a 7.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 54,303 shares of company stock worth $192,926. 13.21% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BLND shares. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.00 to $4.75 in a research report on Monday, August 12th. Canaccord Genuity Group upped their target price on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods upped their target price on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped 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. Finally, William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.46.

Blend Labs Stock Performance

NYSE:BLND opened at $4.32 on Monday. Blend Labs, Inc. has a one year low of $1.18 and a one year high of $4.84. The business’s 50-day simple moving average is $3.78 and its 200 day simple moving average is $3.23. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -12.71 and a beta of 1.16.

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.