726,400 Shares in Blend Labs, Inc. (NYSE:BLND) Acquired by Norges Bank

Norges Bank acquired a new position in shares of Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 726,400 shares of the company’s stock, valued at approximately $3,058,000.

Other hedge funds have also recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the fourth quarter valued at $42,000. Olympiad Research LP bought a new stake in Blend Labs during the 4th quarter worth about $47,000. Trellis Wealth Advisors LLC acquired a new position in Blend Labs during the 4th quarter valued at about $57,000. BBR Partners LLC bought a new position in shares of Blend Labs in the 4th quarter valued at about $60,000. Finally, Virtu Financial LLC acquired a new stake in shares of Blend Labs during the 3rd quarter worth approximately $63,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Trading Down 2.4 %

NYSE:BLND opened at $3.10 on Friday. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53. The stock has a 50-day moving average price of $3.54 and a two-hundred day moving average price of $3.94. The stock has a market cap of $803.65 million, a price-to-earnings ratio of -9.10 and a beta of 1.29.

Insider Activity

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $3.59, for a total transaction of $107,700.00. Following the sale, the insider now directly owns 806,759 shares in the company, valued at approximately $2,896,264.81. This trade represents a 3.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 90,000 shares of company stock worth $321,900 in the last 90 days. Corporate insiders own 13.21% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. JMP Securities started coverage on shares of Blend Labs in a report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. Keefe, Bruyette & Woods reduced their price target on 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. Canaccord Genuity Group decreased their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating for the company in a research note on Friday, February 28th. Citizens Jmp raised Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, UBS Group lowered their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. Two research 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.91.

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.