Balyasny Asset Management L.P. Invests $46,000 in Blend Labs, Inc. (NYSE:BLND)

Balyasny Asset Management L.P. acquired a new position in shares of Blend Labs, Inc. (NYSE:BLND) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,905 shares of the company’s stock, valued at approximately $46,000.

Several other institutional investors have also added to or reduced their stakes in the stock. PFG Advisors increased its holdings in Blend Labs by 6.3% during the 4th quarter. PFG Advisors now owns 67,762 shares of the company’s stock worth $285,000 after purchasing an additional 3,986 shares in the last quarter. Summit Trail Advisors LLC boosted its position in shares of Blend Labs by 38.1% during the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after buying an additional 4,953 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Blend Labs by 31.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 28,586 shares of the company’s stock worth $120,000 after buying an additional 6,763 shares in the last quarter. Next Century Growth Investors LLC raised its position in Blend Labs by 0.5% in the 4th quarter. Next Century Growth Investors LLC now owns 1,497,871 shares of the company’s stock valued at $6,306,000 after buying an additional 7,068 shares during the last quarter. Finally, JPL Wealth Management LLC bought a new stake in Blend Labs in the 4th quarter valued at approximately $42,000. 52.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

BLND has been the subject of several research reports. UBS Group decreased their price target 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. Wells Fargo & Company reduced their target price on shares of Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. The Goldman Sachs Group cut their price target on shares of Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a research report on Monday, May 12th. Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.50 to $4.00 and gave the stock a “market perform” rating in a research note on Monday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $5.25 price objective on shares of Blend Labs in a report on Monday, May 12th. Two 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4.90.

Blend Labs Trading Down 0.5%

Shares of BLND opened at $3.64 on Tuesday. The company’s fifty day simple moving average is $3.37 and its 200 day simple moving average is $3.88. Blend Labs, Inc. has a 1-year low of $2.08 and a 1-year high of $5.53. The company has a market cap of $945.17 million, a price-to-earnings ratio of -10.71 and a beta of 1.29.

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.