Revolve Wealth Partners LLC Takes Position in Blend Labs, Inc. (NYSE:BLND)

Revolve Wealth Partners LLC purchased a new position in shares of Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 31,361 shares of the company’s stock, valued at approximately $132,000.

Several other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after acquiring an additional 2,390,337 shares during the last quarter. State Street Corp increased 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 holdings in Blend Labs by 452.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,895,865 shares of the company’s stock valued at $7,109,000 after buying an additional 1,552,865 shares during the period. JPMorgan Chase & Co. lifted its position in Blend Labs by 193.5% in the third quarter. JPMorgan Chase & Co. now owns 1,714,955 shares of the company’s stock valued at $6,431,000 after buying an additional 1,130,706 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP acquired a new position in Blend Labs in the third quarter valued at about $3,253,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $3.93 on Wednesday. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The firm has a market capitalization of $1.00 billion, a P/E ratio of -11.54 and a beta of 1.38. The company’s fifty day moving average price is $4.43 and its 200 day moving average price is $3.89.

Blend Labs (NYSE:BLND) last posted its earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm had revenue of $45.18 million during the quarter, compared to analyst estimates of $41.30 million. During the same quarter in the prior year, the business earned ($0.13) EPS. On average, sell-side analysts anticipate that Blend Labs, Inc. will post -0.19 EPS for the current year.

Insider Activity

In related news, insider Oxana Tkach sold 18,324 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now owns 88,677 shares in the company, valued at $459,346.86. The trade was a 17.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Timothy J. Mayopoulos sold 56,490 shares of Blend Labs stock in a transaction that occurred on Friday, December 6th. The shares were 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 in the company, valued at $1,821,215. This trade represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 301,782 shares of company stock valued at $1,392,878. 13.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JMP Securities started coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target on the stock. UBS Group boosted their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group reiterated a “buy” rating and set a $5.75 target price on shares of Blend Labs in a report on Friday, December 20th. Wells Fargo & Company upped their target price on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Citizens Jmp raised shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Two 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 a consensus rating of “Moderate Buy” and an average target price of $5.11.

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.