Citigroup Inc. Acquires 487,883 Shares of Blend Labs, Inc. $BLND

Citigroup Inc. raised its holdings in Blend Labs, Inc. (NYSE:BLND) by 475.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 590,393 shares of the company’s stock after purchasing an additional 487,883 shares during the period. Citigroup Inc. owned approximately 0.23% of Blend Labs worth $2,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BLND. Revolve Wealth Partners LLC bought a new position in shares of Blend Labs during the fourth quarter worth approximately $132,000. AQR Capital Management LLC boosted its stake in shares of Blend Labs by 32.2% in the first quarter. AQR Capital Management LLC now owns 883,296 shares of the company’s stock valued at $2,959,000 after buying an additional 214,998 shares during the period. Savant Capital LLC boosted its stake in shares of Blend Labs by 72.2% in the second quarter. Savant Capital LLC now owns 29,694 shares of the company’s stock valued at $98,000 after buying an additional 12,452 shares during the period. Creative Planning grew its position in Blend Labs by 81.4% during the second quarter. Creative Planning now owns 34,036 shares of the company’s stock worth $112,000 after buying an additional 15,276 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Blend Labs during the 2nd quarter worth $37,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BLND. UBS Group dropped their price objective on Blend Labs from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Blend Labs in a report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Blend Labs from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.80.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $1.66 on Friday. Blend Labs, Inc. has a one year low of $1.57 and a one year high of $4.49. The company has a market cap of $431.19 million, a price-to-earnings ratio of -16.60 and a beta of 1.27. The firm has a 50 day simple moving average of $2.38 and a 200 day simple moving average of $3.04.

Insider Buying and Selling at Blend Labs

In related news, insider Brian Kneafsey sold 25,000 shares of the business’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $3.06, for a total transaction of $76,500.00. Following the sale, the insider owned 649,824 shares in the company, valued at $1,988,461.44. The trade was a 3.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 33,125 shares of company stock worth $93,169. Company insiders own 35.52% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc operates as a financial technology company that offers a digital consumer banking platform designed to simplify and automate the lending and account opening processes for banks and credit unions. Its cloud-native software enables financial institutions to deliver a more seamless customer experience by consolidating multiple steps—such as application intake, identity verification, document collection and underwriting—into a unified digital workflow. Blend’s platform is built to integrate with existing core banking systems and third-party data providers, allowing clients to accelerate loan origination and deposit account opening while maintaining compliance and security standards.

The company’s product suite includes solutions for mortgage origination, home equity lending, consumer personal lending and deposit account opening.