Quadrant Private Wealth Management LLC Invests $320,000 in Blend Labs, Inc. (NYSE:BLND)

Quadrant Private Wealth Management LLC bought a new position in shares of Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 75,909 shares of the company’s stock, valued at approximately $320,000.

Several other hedge funds have also modified their holdings of BLND. Principal Financial Group Inc. raised its position in shares of Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares during the last quarter. State Street Corp raised its position in shares of Blend Labs by 57.6% during the 3rd quarter. State Street Corp now owns 5,461,973 shares of the company’s stock worth $20,482,000 after purchasing an additional 1,995,362 shares during the last quarter. Summit Partners Public Asset Management LLC raised its position in shares of Blend Labs by 452.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock worth $7,109,000 after purchasing an additional 1,552,865 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Blend Labs by 193.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock worth $6,431,000 after purchasing an additional 1,130,706 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP acquired a new position in shares of Blend Labs during the 3rd quarter worth about $3,253,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Blend Labs

In related news, insider Oxana Tkach sold 18,324 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $5.18, for a total transaction of $94,918.32. Following the completion of the transaction, the insider now owns 88,677 shares of the company’s stock, valued at approximately $459,346.86. This represents a 17.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brian Kneafsey sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total transaction of $153,600.00. Following the transaction, the insider now directly owns 937,439 shares of the company’s stock, valued at $4,799,687.68. This trade represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 331,782 shares of company stock valued at $1,504,778 over the last quarter. Corporate insiders own 13.21% of the company’s stock.

Blend Labs Stock Performance

NYSE BLND opened at $3.76 on Friday. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The firm has a market cap of $961.02 million, a PE ratio of -11.04 and a beta of 1.36. The firm’s fifty day moving average is $4.09 and its two-hundred day moving average is $3.96.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Blend Labs from $3.40 to $3.90 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of Blend Labs from $4.50 to $6.50 and gave the company an “overweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday, November 7th. JMP Securities assumed coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $5.75 price objective on shares of Blend Labs in a report on Friday, December 20th. Two research 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.11.

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.