Swiss National Bank Increases Stock Position in Blend Labs, Inc. (NYSE:BLND)

Swiss National Bank grew its stake in Blend Labs, Inc. (NYSE:BLND) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 392,500 shares of the company’s stock after buying an additional 13,300 shares during the period. Swiss National Bank’s holdings in Blend Labs were worth $1,652,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BLND. Intech Investment Management LLC purchased a new position in Blend Labs in the third quarter worth $194,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Blend Labs by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock worth $6,161,000 after purchasing an additional 120,152 shares in the last quarter. FMR LLC increased its position in shares of Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after purchasing an additional 3,576 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Blend Labs by 110.9% during the 3rd quarter. MetLife Investment Management LLC now owns 125,560 shares of the company’s stock valued at $471,000 after buying an additional 66,015 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Blend Labs in the 3rd quarter worth approximately $231,000. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on BLND. Keefe, Bruyette & Woods decreased their price target on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research note on Monday, March 3rd. JMP Securities began coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Wells Fargo & Company lifted their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, UBS Group dropped their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.91.

Blend Labs Price Performance

NYSE BLND opened at $3.57 on Friday. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The stock has a market capitalization of $925.70 million, a PE ratio of -10.48 and a beta of 1.40. The business’s 50-day moving average is $3.65 and its 200 day moving average is $3.97.

Insiders Place Their Bets

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $3.73, for a total transaction of $111,900.00. Following the transaction, the insider now directly owns 866,759 shares of the company’s stock, valued at approximately $3,233,011.07. The trade was a 3.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 150,000 shares of company stock worth $561,900. 13.21% of the stock is currently owned by company insiders.

About Blend Labs

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.