Quadrature Capital Ltd Sells 76,949 Shares of Blend Labs, Inc. (NYSE:BLND)

Quadrature Capital Ltd reduced its stake in Blend Labs, Inc. (NYSE:BLND) by 76.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 24,345 shares of the company’s stock after selling 76,949 shares during the quarter. Quadrature Capital Ltd’s holdings in Blend Labs were worth $91,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs in the 2nd quarter worth approximately $31,000. Xponance Inc. acquired a new position in Blend Labs during the 2nd quarter worth $35,000. RiverPark Advisors LLC acquired a new position in Blend Labs during the 3rd quarter worth $77,000. FMR LLC lifted its holdings in Blend Labs by 15.8% during the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after buying an additional 3,576 shares in the last quarter. Finally, Caxton Associates LP lifted its holdings in Blend Labs by 176.0% during the 2nd quarter. Caxton Associates LP now owns 51,260 shares of the company’s stock worth $121,000 after buying an additional 32,686 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on BLND. Keefe, Bruyette & Woods upped their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th. Wells Fargo & Company upped their price objective on Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. UBS Group upped their price objective on Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Canaccord Genuity Group upped their price objective on Blend Labs from $4.75 to $5.75 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.79.

Blend Labs Stock Down 2.0 %

BLND stock opened at $5.08 on Friday. The business’s fifty day moving average is $4.30 and its 200-day moving average is $3.53. The company has a market cap of $1.30 billion, a P/E ratio of -14.93 and a beta of 1.33. Blend Labs, Inc. has a twelve month low of $1.85 and a twelve month high of $5.53.

Insider Activity at Blend Labs

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $5.12, for a total transaction of $153,600.00. Following the completion of the transaction, the insider now owns 937,439 shares in the company, valued at approximately $4,799,687.68. This represents a 3.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total value of $310,695.00. Following the transaction, the director now owns 331,130 shares of the company’s stock, valued at approximately $1,821,215. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 181,838 shares of company stock worth $899,144 in the last quarter. Corporate insiders own 13.21% of the company’s stock.

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.