Lake Street Advisors Group LLC Has $1.83 Million Stock Position in Blend Labs, Inc. (NYSE:BLND)

Lake Street Advisors Group LLC lessened its holdings in Blend Labs, Inc. (NYSE:BLND) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 434,211 shares of the company’s stock after selling 39,150 shares during the period. Lake Street Advisors Group LLC’s holdings in Blend Labs were worth $1,828,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BLND. Olympiad Research LP bought a new position in Blend Labs during the fourth quarter valued at about $47,000. Trellis Wealth Advisors LLC acquired a new position in shares of Blend Labs during the 4th quarter valued at about $57,000. Virtu Financial LLC acquired a new position in shares of Blend Labs during the 3rd quarter valued at about $63,000. Los Angeles Capital Management LLC bought a new position in shares of Blend Labs in the 4th quarter valued at approximately $74,000. Finally, Summit Trail Advisors LLC lifted its holdings in Blend Labs by 38.1% in the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after purchasing an additional 4,953 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Price Performance

NYSE:BLND opened at $3.63 on Thursday. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53. The company has a fifty day moving average price of $3.89 and a 200 day moving average price of $4.02. The stock has a market cap of $929.03 million, a P/E ratio of -10.68 and a beta of 1.36.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BLND. JMP Securities initiated coverage on Blend Labs in a report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price target on the stock. The Goldman Sachs Group raised their target price on shares of Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and set a $5.75 target price on shares of Blend Labs in a research report on Friday, December 20th. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, 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 research note on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.11.

Insider Transactions at Blend Labs

In other Blend Labs news, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares of the company’s stock, valued at $1,821,215. This represents a 14.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brian Kneafsey sold 30,000 shares of the firm’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 value of $153,600.00. Following the completion of the sale, the insider now owns 937,439 shares of the company’s stock, valued at $4,799,687.68. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,737 shares of company stock worth $1,196,254. 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.