Irenic Capital Management LP Invests $9.47 Million in Blend Labs, Inc. $BLND

Irenic Capital Management LP acquired a new position in Blend Labs, Inc. (NYSE:BLND) during the fourth quarter, HoldingsChannel reports. The firm acquired 3,114,949 shares of the company’s stock, valued at approximately $9,469,000. Blend Labs accounts for 0.6% of Irenic Capital Management LP’s holdings, making the stock its 20th biggest position.

A number of other large investors also recently modified their holdings of BLND. Park West Asset Management LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth about $6,205,000. Marshall Wace LLP raised its holdings in shares of Blend Labs by 157.6% in the 2nd quarter. Marshall Wace LLP now owns 2,522,141 shares of the company’s stock worth $8,323,000 after purchasing an additional 1,543,220 shares during the period. Prospect Capital Advisors LLC raised its holdings in shares of Blend Labs by 338.2% in the 3rd quarter. Prospect Capital Advisors LLC now owns 1,820,150 shares of the company’s stock worth $6,644,000 after purchasing an additional 1,404,750 shares during the period. Summit Partners Public Asset Management LLC purchased a new position in shares of Blend Labs in the 3rd quarter worth about $4,490,000. Finally, Whetstone Capital Advisors LLC purchased a new position in shares of Blend Labs in the 4th quarter worth about $3,560,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on BLND. Citigroup restated an “outperform” rating on shares of Blend Labs in a report on Friday, May 8th. Canaccord Genuity Group cut their price objective on Blend Labs from $5.25 to $4.50 and set a “buy” rating on the stock in a report on Friday, May 15th. Keefe, Bruyette & Woods cut their price objective on Blend Labs from $2.25 to $1.90 and set a “market perform” rating on the stock in a report on Friday, May 8th. UBS Group cut their price objective on Blend Labs from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Wednesday, March 11th. Finally, Wells Fargo & Company cut their price objective on Blend Labs from $5.00 to $4.00 and set an “overweight” rating on the stock in a report on Wednesday, March 11th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Blend Labs currently has an average rating of “Hold” and an average target price of $3.32.

Blend Labs Stock Performance

Shares of NYSE:BLND opened at $1.61 on Thursday. The company has a market cap of $388.60 million, a P/E ratio of -16.05 and a beta of 1.09. Blend Labs, Inc. has a one year low of $1.18 and a one year high of $4.49. The business’s 50-day simple moving average is $1.56 and its 200 day simple moving average is $2.10.

About Blend Labs

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.