Lighthouse Investment Partners LLC Buys Shares of 22,393 Blend Labs, Inc. (NYSE:BLND)

Lighthouse Investment Partners LLC purchased a new position in shares of Blend Labs, Inc. (NYSE:BLND) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 22,393 shares of the company’s stock, valued at approximately $94,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Lightspeed Management Company L.L.C. bought a new stake in shares of Blend Labs in the 4th quarter valued at about $97,366,000. Vanguard Group Inc. boosted its position in Blend Labs by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock valued at $70,776,000 after acquiring an additional 388,583 shares in the last quarter. ShawSpring Partners LLC boosted its position in Blend Labs by 6.8% during the fourth quarter. ShawSpring Partners LLC now owns 7,079,165 shares of the company’s stock valued at $29,803,000 after purchasing an additional 449,175 shares in the last quarter. Geode Capital Management LLC boosted its position in Blend Labs by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company’s stock valued at $20,391,000 after purchasing an additional 75,379 shares in the last quarter. Finally, Metavasi Capital LP raised its holdings in Blend Labs by 6.4% in the fourth quarter. Metavasi Capital LP now owns 4,804,101 shares of the company’s stock worth $20,225,000 after purchasing an additional 290,623 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Blend Labs Price Performance

NYSE BLND opened at $3.63 on Friday. The stock’s fifty day moving average price is $3.37 and its 200 day moving average price is $3.88. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The company has a market cap of $942.57 million, a price-to-earnings ratio of -10.68 and a beta of 1.29.

Analyst Upgrades and Downgrades

BLND has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered their price target on shares of Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a report on Monday. UBS Group reduced their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.25 price target on shares of Blend Labs in a research report on Monday. Keefe, Bruyette & Woods lowered their price objective 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. Finally, Wells Fargo & Company reduced their target price on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.83.

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.