Cypress Point Wealth Management LLC Buys 29,848 Shares of Blend Labs, Inc. (NYSE:BLND)

Cypress Point Wealth Management LLC increased its position in Blend Labs, Inc. (NYSE:BLND) by 15.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 226,447 shares of the company’s stock after acquiring an additional 29,848 shares during the quarter. Cypress Point Wealth Management LLC’s holdings in Blend Labs were worth $849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Dark Forest Capital Management LP purchased a new position in Blend Labs during the second quarter valued at $31,000. Xponance Inc. purchased a new stake in shares of Blend Labs in the second quarter worth about $35,000. Caxton Associates LP bought a new stake in Blend Labs during the first quarter worth approximately $60,000. SG Americas Securities LLC bought a new stake in Blend Labs during the first quarter worth approximately $70,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Blend Labs during the first quarter worth approximately $94,000. Institutional investors own 52.56% of the company’s stock.

Blend Labs Trading Up 7.0 %

Shares of BLND traded up $0.31 during midday trading on Friday, hitting $4.75. 3,524,890 shares of the company’s stock traded hands, compared to its average volume of 2,282,138. The firm’s fifty day moving average is $3.67 and its 200-day moving average is $3.15. Blend Labs, Inc. has a 1 year low of $1.16 and a 1 year high of $4.75. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.69 and a beta of 1.16.

Blend Labs (NYSE:BLND) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to analyst estimates of $39.50 million. On average, equities research analysts anticipate that Blend Labs, Inc. will post -0.27 EPS for the current year.

Insider Activity

In related news, insider Winnie Ling sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $3.43, for a total value of $68,600.00. Following the transaction, the insider now directly owns 259,169 shares of the company’s stock, valued at approximately $888,949.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 54,303 shares of company stock worth $192,926 in the last ninety days. Company insiders own 13.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BLND. UBS Group upped their target price on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a report on Thursday. William Blair upgraded Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Canaccord Genuity Group boosted their price target on Blend Labs from $4.75 to $5.75 and gave the company a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.46.

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.