BlackRock Fund Advisors recently announced the acquisition of new stake in Blend Labs Inc. (NYSE:BLND). The institutional investor has increased its shareholding in the Technology company by 26.59% to 10.94 million shares with purchase of 2.3 million shares. This fresh investment now brings its stake to 4.97% valued currently at $17.28 million. In addition, ShawSpring Partners LLC raised its holdings by 0.56 million to 9.93 million shares. And Geode Capital Management LLC has lifted its position by 4.10% or 0.12 million shares – to 3.12 million shares.
With over 3.26 million Blend Labs Inc. (BLND) shares trading Tuesday and a closing price of $1.49 on the day, the dollar volume was approximately $4.86 million. The shares have shown a negative half year performance of -50.83% and its price on 03/14/23 gained nearly 11.19%. Currently, there are 235.27M common shares owned by the public and among those 210.77M shares have been available to trade.
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Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 2,185,388 shares. Insider sales of the common stock occurred on 38 occasions, with total insider shares sold totaling 2,625,652 shares.
The top 3 mutual fund holders in Blend Labs Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 6.43 million shares of the company’s stock, all valued at over $10.16 million. iShares Russell 2000 ETF sold 12978.0 shares to see its total holdings shrink to 4.1 million shares valued at over $6.48 million and representing 1.87% of the shares outstanding. Vanguard Small Cap Index Fund bought 15142.0 shares to bring its total holdings to over 2.77 million shares at a value of $4.38 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.26% of the shares outstanding.
Shares of Blend Labs Inc. (NYSE: BLND) opened at $1.42, up $0.08 from a prior closing price of $1.34. However, the script later moved the day high at 1.5200, up 11.19%. The company’s stock has a 5-day price change of 0.68% and 20.16% over the past three months. BLND shares are trading 3.47% year to date (YTD), with the 12-month market performance down to -77.93% lower. It has a 12-month low price of $1.00 and touched a high of $7.38 over the same period. BLND has an average intraday trading volume of 1.52 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.00%, -10.02%, and -33.89% respectively.
Institutional ownership of Blend Labs Inc. (NYSE: BLND) shares accounts for 68.50% of the company’s 235.27M shares outstanding. Mutual fund holders own 16.06%, while other institutional holders and individual stakeholders account for 23.20% and 13.94% respectively.
It has a market capitalization of $356.65M. The earnings-per-share (ttm) stands at -$3.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.60% over the week and 8.04% over the month.
Analysts forecast that Blend Labs Inc. (BLND) will achieve an EPS of -$0.17 for the current quarter, -$0.15 for the next quarter and -$0.43 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.18 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.19 a year ago. Earnings per share for the fiscal year are expected to decrease by -122.10%, and 41.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Blend Labs Inc. (BLND) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 9 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BLND, a number of firms have released research notes about the stock. Keefe Bruyette stated their Mkt Perform rating for the stock in a research note on November 14, 2022, with the firm’s price target at $2.25. Keefe Bruyette coverage for the Blend Labs Inc. (BLND) stock in a research note released on July 25, 2022 offered a Underperform rating with a price target of $2.75. KeyBanc Capital Markets was of a view on July 07, 2022 that the stock is Sector Weight, while Compass Point gave the stock Neutral rating on May 25, 2022, issuing a price target of $4.20. William Blair on their part issued Mkt Perform rating on April 04, 2022.
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