ClariVest Asset Management LLC Grows Stock Position in Blend Labs, Inc. (NYSE:BLND)

ClariVest Asset Management LLC boosted its position in Blend Labs, Inc. (NYSE:BLND) by 19.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 245,071 shares of the company’s stock after purchasing an additional 40,158 shares during the quarter. ClariVest Asset Management LLC’s holdings in Blend Labs were worth $796,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. G2 Investment Partners Management LLC acquired a new position in Blend Labs in the 4th quarter valued at about $956,000. Citigroup Inc. raised its stake in Blend Labs by 327,281.9% in the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock valued at $520,000 after purchasing an additional 379,647 shares during the last quarter. Truist Financial Corp acquired a new position in Blend Labs in the 4th quarter valued at about $255,000. Jump Financial LLC acquired a new position in Blend Labs in the 4th quarter valued at about $132,000. Finally, EP Wealth Advisors LLC acquired a new position in Blend Labs in the 3rd quarter valued at about $234,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BLND. The Goldman Sachs Group upped their price objective 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. Keefe, Bruyette & Woods upped their price objective on shares of Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $3.00 price objective on shares of Blend Labs in a research note on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.15.

Insider Transactions at Blend Labs

In other news, insider Nima Ghamsari sold 100,807 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $2.45, for a total transaction of $246,977.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 464,004 shares of company stock worth $1,266,062. 11.83% of the stock is currently owned by company insiders.

Blend Labs Stock Performance

Shares of NYSE:BLND traded up $0.34 during trading on Friday, reaching $2.80. 2,846,157 shares of the stock were exchanged, compared to its average volume of 3,235,642. Blend Labs, Inc. has a 12-month low of $1.03 and a 12-month high of $3.40. The firm has a market cap of $706.66 million, a price-to-earnings ratio of -4.83 and a beta of 1.10. The firm’s 50-day moving average price is $2.64 and its 200 day moving average price is $2.66.

Blend Labs (NYSE:BLND) last issued its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. The business had revenue of $34.95 million during the quarter, compared to analysts’ expectations of $33.94 million. As a group, equities research analysts forecast that Blend Labs, Inc. will post -0.38 EPS for the current year.

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.