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Investing.com - Blend Labs (NYSE:BLND) stock rose after Haveli Investments disclosed an increased stake in the company, according to Keefe, Bruyette & Woods (KBW).
KBW maintained its Market Perform rating and $3.75 price target on Blend Labs in a recent research note.
The investment firm attributed Blend’s stock outperformance to Haveli’s purchase of approximately 554,000 additional shares, representing about 0.2% of the company.
This acquisition increases Haveli’s total stake in Blend Labs to approximately 19% on an as-converted basis, following their $150 million preferred equity investment made in April 2024.
The purchase comes after Blend’s board recently authorized an increase in Haveli’s Class A ownership cap to 24.9% from 19.9% as part of their existing standstill agreement.
In other recent news, Blend Labs, Inc. announced an expanded partnership with Doma Technology, LLC to integrate Doma’s AI-powered instant title decisioning into Blend’s home lending platform. This collaboration aims to create a digital end-to-end title and closing process, potentially reducing title insurance costs by 40% to 70% for borrowers. In a separate development, Blend Labs has agreed to sell Title365 to Covius Services, LLC. The acquisition is pending regulatory approvals and is expected to enhance Covius’ title insurance services across 43 states.
Additionally, Blend Labs has appointed Reva Rao as Head of Digital Transformation for Credit Unions, bringing her extensive experience from Travis Credit Union and Golden 1 Credit Union. Rao’s expertise is expected to strengthen Blend’s digital offerings to credit unions. Meanwhile, analysts at Citizens JMP have maintained a Market Outperform rating for Blend Labs with a $7.00 price target. This decision follows investor meetings in the San Francisco Bay Area, where insights into the company’s operations and financial strategies were shared.
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