Insider Selling: Blend Labs (NYSE:BLND) Insider Sells $106,828.15 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Srinivasan Venkatramani sold 74,705 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the sale, the insider owned 236,563 shares in the company, valued at approximately $338,285.09. This trade represents a 24.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Price Performance

BLND opened at $1.30 on Friday. Blend Labs, Inc. has a 12 month low of $1.18 and a 12 month high of $4.39. The stock has a market capitalization of $308.65 million, a price-to-earnings ratio of -14.50 and a beta of 1.09. The business has a fifty day moving average price of $1.61 and a 200 day moving average price of $1.62.

Analyst Ratings Changes

BLND has been the subject of several analyst reports. Weiss Ratings upgraded Blend Labs from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, September 11th. Citizens Jmp reaffirmed a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a research note on Tuesday, July 21st. Wells Fargo & Company cut their price target on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Canaccord Genuity Group reduced their price objective on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Finally, Citigroup reissued a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Hold” and a consensus target price of $2.82.

Institutional Trading of Blend Labs

Several large investors have recently modified their holdings of the business. Essential Partners LLC increased its position in Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock worth $27,000 after buying an additional 15,673 shares in the last quarter. Caerus Investment Advisors LLC purchased a new stake in shares of Blend Labs in the first quarter valued at $41,000. Lexington Hill Partners LLC purchased a new stake in shares of Blend Labs in the fourth quarter valued at $42,000. Abel Hall LLC acquired a new stake in shares of Blend Labs during the first quarter valued at $48,000. Finally, Hyperion Capital Advisors LP acquired a new stake in shares of Blend Labs during the second quarter valued at $51,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Company Profile

Blend Labs, Inc is a financial technology company that provides cloud-based software to banks, credit unions and other financial institutions. Its platform is designed to simplify and digitize consumer lending and banking processes, helping institutions manage applications, verification, underwriting, account opening and related workflows through online and mobile channels.

The company’s product offerings support mortgage lending, consumer lending and deposit accounts. Its solutions include digital application and account-opening tools, income and asset verification, loan processing and closing capabilities, and configurable technology that financial institutions can use to create and manage digital banking experiences.