Lightspeed Management Company L.L.C. Takes $97.37 Million Position in Blend Labs, Inc. (NYSE:BLND)

Lightspeed Management Company L.L.C. acquired a new stake in Blend Labs, Inc. (NYSE:BLND) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,127,237 shares of the company’s stock, valued at approximately $97,366,000. Blend Labs accounts for approximately 27.2% of Lightspeed Management Company L.L.C.’s investment portfolio, making the stock its 2nd largest position. Lightspeed Management Company L.L.C. owned approximately 0.09% of Blend Labs at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. PFG Advisors raised its position in Blend Labs by 6.3% during the fourth quarter. PFG Advisors now owns 67,762 shares of the company’s stock valued at $285,000 after acquiring an additional 3,986 shares in the last quarter. Summit Trail Advisors LLC raised its position in Blend Labs by 38.1% during the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock valued at $76,000 after acquiring an additional 4,953 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Blend Labs by 31.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock valued at $120,000 after acquiring an additional 6,763 shares in the last quarter. Next Century Growth Investors LLC raised its position in Blend Labs by 0.5% during the fourth quarter. Next Century Growth Investors LLC now owns 1,497,871 shares of the company’s stock valued at $6,306,000 after acquiring an additional 7,068 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in Blend Labs during the fourth quarter valued at approximately $42,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Blend Labs Trading Up 7.3%

Shares of BLND opened at $3.53 on Monday. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The stock’s 50 day moving average is $3.33 and its two-hundred day moving average is $3.88. The firm has a market cap of $916.61 million, a P/E ratio of -10.38 and a beta of 1.29.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). Equities research analysts forecast that Blend Labs, Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BLND. UBS Group reduced their price target on Blend Labs from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods dropped their price objective on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. Wells Fargo & Company dropped their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Canaccord Genuity Group dropped their price objective on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $4.70.

Blend Labs Company 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.