Irenic Capital Management LP Has $3.75 Million Stock Holdings in Blend Labs, Inc. $BLND

Irenic Capital Management LP decreased its position in Blend Labs, Inc. (NYSE:BLND) by 29.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,204,200 shares of the company’s stock after selling 910,749 shares during the quarter. Irenic Capital Management LP’s holdings in Blend Labs were worth $3,747,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BLND. Revolve Wealth Partners LLC bought a new stake in Blend Labs in the fourth quarter worth $132,000. AQR Capital Management LLC raised its holdings in Blend Labs by 32.2% during 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 in the last quarter. Creative Planning lifted its position in shares of Blend Labs by 81.4% in 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 during the last quarter. Legal & General Group Plc boosted its stake in shares of Blend Labs by 18.4% during the 2nd quarter. Legal & General Group Plc now owns 241,030 shares of the company’s stock worth $795,000 after acquiring an additional 37,373 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Blend Labs by 587.0% in the 2nd quarter. Prudential Financial Inc. now owns 123,220 shares of the company’s stock valued at $407,000 after acquiring an additional 105,285 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Stock Up 2.0%

Shares of BLND opened at $1.78 on Wednesday. Blend Labs, Inc. has a 12-month low of $1.18 and a 12-month high of $4.49. The firm has a market capitalization of $432.18 million, a price-to-earnings ratio of -17.85 and a beta of 1.10. The stock’s 50-day moving average price is $1.70 and its 200 day moving average price is $1.82.

Wall Street Analyst Weigh In

Several equities analysts have commented on BLND shares. Citizens Jmp reiterated a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Canaccord Genuity Group decreased their target price on Blend Labs from $5.25 to $4.50 and set a “buy” rating for the company in a research note on Friday, May 15th. Weiss Ratings lowered Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 2nd. Finally, Keefe, Bruyette & Woods reduced their price objective on Blend Labs from $2.25 to $1.90 and set a “market perform” rating for the company in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.32.

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.