Cibc World Markets Corp Invests $93,000 in Blend Labs, Inc. (NYSE:BLND)

Cibc World Markets Corp acquired a new position in shares of Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 22,206 shares of the company’s stock, valued at approximately $93,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPL Wealth Management LLC bought a new position in shares of Blend Labs during the 4th quarter worth approximately $42,000. Olympiad Research LP acquired a new position in Blend Labs during the fourth quarter worth $47,000. Trellis Wealth Advisors LLC bought a new position in Blend Labs in the fourth quarter valued at $57,000. BBR Partners LLC acquired a new stake in Blend Labs in the 4th quarter valued at $60,000. Finally, Virtu Financial LLC acquired a new stake in Blend Labs in the 3rd quarter valued at $63,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Insiders Place Their Bets

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were 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 of the company’s stock, valued at $3,233,011.07. This represents a 3.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 150,000 shares of company stock valued at $561,900 over the last ninety days. 13.21% of the stock is currently owned by company insiders.

Blend Labs Trading Down 2.4 %

Shares of NYSE BLND opened at $3.46 on Friday. The company has a market capitalization of $897.13 million, a P/E ratio of -10.16 and a beta of 1.40. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The stock has a 50 day moving average of $3.65 and a 200-day moving average of $3.97.

Wall Street Analyst Weigh In

BLND has been the subject of several analyst reports. Citizens Jmp upgraded Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Keefe, Bruyette & Woods reduced their price target on Blend Labs from $3.85 to $3.50 and set a “market perform” rating for the company in a research report on Monday, March 3rd. Canaccord Genuity Group lowered 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. UBS Group cut their price objective on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Finally, Wells Fargo & Company raised their target price on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Blend Labs has an average rating of “Moderate Buy” and an average target price of $4.91.

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.