Norges Bank Invests $3.06 Million in Blend Labs, Inc. (NYSE:BLND)

Norges Bank acquired a new stake in Blend Labs, Inc. (NYSE:BLND) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 726,400 shares of the company’s stock, valued at approximately $3,058,000. Norges Bank owned 0.28% of Blend Labs at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $6,161,000 after purchasing an additional 120,152 shares during the period. FMR LLC lifted its stake in shares of Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company’s stock valued at $98,000 after buying an additional 3,576 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blend Labs during the third quarter worth about $676,000. Janus Henderson Group PLC bought a new position in Blend Labs during the third quarter valued at about $320,000. Finally, State Street Corp raised its holdings in Blend Labs by 57.6% in the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock valued at $20,482,000 after acquiring an additional 1,995,362 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Insider Transactions at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $3.59, for a total transaction of $107,700.00. Following the sale, the insider now owns 806,759 shares in the company, valued at approximately $2,896,264.81. This represents a 3.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 90,000 shares of company stock valued at $321,900. Corporate insiders own 13.21% of the company’s stock.

Blend Labs Stock Down 2.4 %

Shares of Blend Labs stock opened at $3.10 on Friday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The stock has a market capitalization of $803.65 million, a P/E ratio of -9.10 and a beta of 1.29. The company has a 50-day simple moving average of $3.54 and a 200 day simple moving average of $3.94.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BLND shares. JMP Securities began coverage on Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective on the stock. UBS Group lowered their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Friday, February 28th. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods decreased their target price on shares of Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a research report on Monday, March 3rd. Finally, Canaccord Genuity Group dropped their price target on shares of Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.91.

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.