Teacher Retirement System of Texas Buys Shares of 31,199 Blend Labs, Inc. (NYSE:BLND)

Teacher Retirement System of Texas acquired a new stake in shares of Blend Labs, Inc. (NYSE:BLND) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 31,199 shares of the company’s stock, valued at approximately $105,000.

A number of other hedge funds have also recently bought and sold shares of BLND. Merit Financial Group LLC acquired a new position in shares of Blend Labs during the first quarter worth approximately $36,000. Balyasny Asset Management L.P. acquired a new stake in shares of Blend Labs during the fourth quarter worth about $46,000. Pallas Capital Advisors LLC bought a new position in Blend Labs in the first quarter valued at approximately $51,000. Castleview Partners LLC acquired a new stake in shares of Blend Labs in the first quarter valued at approximately $64,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Blend Labs during the 1st quarter worth approximately $64,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Blend Labs news, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the completion of the transaction, the insider directly owned 6,065,937 shares in the company, valued at approximately $20,017,592.10. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Kneafsey sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $3.63, for a total value of $90,750.00. Following the transaction, the insider owned 721,598 shares of the company’s stock, valued at $2,619,400.74. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 224,850 shares of company stock worth $763,164. Company insiders own 35.52% of the company’s stock.

Blend Labs Trading Up 3.4%

Blend Labs stock opened at $3.49 on Tuesday. The business has a 50-day moving average of $3.49 and a 200-day moving average of $3.50. Blend Labs, Inc. has a 1 year low of $2.37 and a 1 year high of $5.53. The firm has a market capitalization of $904.92 million, a P/E ratio of -17.42 and a beta of 1.24.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BLND shares. Wells Fargo & Company reduced their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. 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. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 target price on shares of Blend Labs in a report on Wednesday, May 28th. The Goldman Sachs Group reduced their price objective 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. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.50 to $4.00 and gave the company a “market perform” rating in a research note on Monday, May 19th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $4.90.

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.