Mirae Asset Global Investments Co. Ltd. Sells 12,226 Shares of Blend Labs, Inc. (NYSE:BLND)

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of Blend Labs, Inc. (NYSE:BLND) by 4.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 253,023 shares of the company’s stock after selling 12,226 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Blend Labs were worth $645,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Caerus Investment Advisors LLC acquired a new position in shares of Blend Labs during the 4th quarter worth about $132,000. Citigroup Inc. boosted its stake in shares of Blend Labs by 327,281.9% during the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock worth $520,000 after buying an additional 379,647 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Blend Labs during the 3rd quarter worth about $234,000. Moneta Group Investment Advisors LLC acquired a new position in shares of Blend Labs during the 3rd quarter worth about $52,000. Finally, Kingsview Wealth Management LLC boosted its stake in shares of Blend Labs by 36.1% during the 3rd quarter. Kingsview Wealth Management LLC now owns 95,245 shares of the company’s stock worth $130,000 after buying an additional 25,245 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BLND. Canaccord Genuity Group increased their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Monday, March 18th. The Goldman Sachs Group raised their target price on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $1.85 to $2.65 and gave the company a “market perform” rating in a research note on Monday, March 18th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Blend Labs has a consensus rating of “Hold” and a consensus target price of $3.06.

Blend Labs Trading Down 2.6 %

Shares of NYSE:BLND opened at $2.41 on Friday. Blend Labs, Inc. has a 52-week low of $0.53 and a 52-week high of $3.40. The company has a market capitalization of $606.18 million, a P/E ratio of -3.12 and a beta of 1.00. The company has a 50-day simple moving average of $2.78 and a 200 day simple moving average of $2.21. The company has a debt-to-equity ratio of 34.81, a quick ratio of 5.38 and a current ratio of 5.38.

Blend Labs (NYSE:BLND) last issued its earnings results on Friday, March 15th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $36.10 million during the quarter, compared to the consensus estimate of $37.52 million. Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. Sell-side analysts forecast that Blend Labs, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 81,700 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $2.99, for a total value of $244,283.00. Following the transaction, the insider now directly owns 34,774 shares of the company’s stock, valued at approximately $103,974.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 11.83% 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.