Sherbrooke Park Advisers LLC Takes $271,000 Position in Blend Labs, Inc. (NYSE:BLND)

Sherbrooke Park Advisers LLC acquired a new stake in Blend Labs, Inc. (NYSE:BLND) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 64,417 shares of the company’s stock, valued at approximately $271,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of BLND. Principal Financial Group Inc. lifted its stake 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 buying an additional 2,390,337 shares during the last quarter. Swiss National Bank lifted its stake in shares of Blend Labs by 3.5% during the 4th quarter. Swiss National Bank now owns 392,500 shares of the company’s stock worth $1,652,000 after buying an additional 13,300 shares during the last quarter. Caprock Group LLC lifted its stake in shares of Blend Labs by 142.5% during the 4th quarter. Caprock Group LLC now owns 75,032 shares of the company’s stock worth $316,000 after buying an additional 44,096 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Blend Labs by 23.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,242 shares of the company’s stock worth $397,000 after buying an additional 17,914 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Blend Labs by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 16,811,510 shares of the company’s stock worth $70,776,000 after buying an additional 388,583 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group dropped their price objective on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.25 price objective on shares of Blend Labs in a research note on Monday, May 12th. Wells Fargo & Company dropped their price objective on shares of Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Blend Labs from $3.50 to $4.00 and gave the company a “market perform” rating in a research report on Monday. Finally, The Goldman Sachs Group dropped their target price on shares of Blend Labs from $5.60 to $4.80 and set a “buy” rating for the company in a research report on Monday, May 12th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $4.90.

Blend Labs Trading Down 0.5%

Shares of Blend Labs stock opened at $3.64 on Tuesday. The firm has a market capitalization of $945.17 million, a PE ratio of -10.71 and a beta of 1.29. The firm’s 50 day moving average is $3.37 and its 200 day moving average is $3.88. Blend Labs, Inc. has a 1 year low of $2.08 and a 1 year high of $5.53.

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.