Bank of New York Mellon Corp Has $2.68 Million Holdings in Blend Labs, Inc. (NYSE:BLND)

Bank of New York Mellon Corp increased its position in Blend Labs, Inc. (NYSE:BLND) by 10.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 637,328 shares of the company’s stock after purchasing an additional 60,858 shares during the quarter. Bank of New York Mellon Corp’s holdings in Blend Labs were worth $2,683,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Olympiad Research LP acquired a new position in shares of Blend Labs during the 4th quarter worth about $47,000. Trellis Wealth Advisors LLC acquired a new position in Blend Labs during the 4th quarter worth approximately $57,000. Virtu Financial LLC bought a new stake in Blend Labs during the 3rd quarter worth about $63,000. Summit Trail Advisors LLC boosted its position in Blend Labs by 38.1% during the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock valued at $76,000 after purchasing an additional 4,953 shares during the last quarter. Finally, FMR LLC raised its position in Blend Labs by 15.8% during the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after acquiring an additional 3,576 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total value of $111,900.00. Following the transaction, the insider now directly owns 866,759 shares in the company, valued at $3,233,011.07. This trade represents a 3.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 154,247 shares of company stock worth $580,459. Company insiders own 13.21% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on BLND shares. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. UBS Group dropped their target price on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, February 28th. JMP Securities initiated coverage on Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Canaccord Genuity Group dropped their price target on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company upped their price target on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Two research 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. According to data from MarketBeat.com, Blend Labs presently has an average rating of “Moderate Buy” and a consensus price target of $4.91.

Blend Labs Stock Performance

Blend Labs stock opened at $3.73 on Friday. The stock has a market capitalization of $953.34 million, a price-to-earnings ratio of -10.96 and a beta of 1.40. Blend Labs, Inc. has a 52-week low of $2.08 and a 52-week high of $5.53. The stock’s 50 day moving average price is $3.64 and its two-hundred day moving average price is $3.97.

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.