Blend Labs (NYSE:BLND) Insider Sells $24,757.44 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 24,272 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $1.02, for a total transaction of $24,757.44. Following the sale, the insider owned 7,803,566 shares of the company’s stock, valued at approximately $7,959,637.32. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nima Ghamsari also recently made the following trade(s):

• On Monday, September 28th, Nima Ghamsari sold 22,523 shares of Blend Labs stock. The shares were sold at an average price of $1.10, for a total transaction of $24,775.30.
• On Monday, September 21st, Nima Ghamsari sold 21,009 shares of Blend Labs stock. The shares were sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Trading Down 0.5%

Shares of BLND traded down $0.01 during mid-day trading on Wednesday, hitting $1.01. 1,441,074 shares of the company’s stock were exchanged, compared to its average volume of 3,197,242. Blend Labs, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $3.62. The firm has a market capitalization of $240.06 million, a P/E ratio of -11.28 and a beta of 1.08. The business’s 50 day moving average is $1.44 and its two-hundred day moving average is $1.57.

Institutional Trading of Blend Labs

Several hedge funds have recently modified their holdings of BLND. Sequoia Financial Advisors LLC purchased a new position in Blend Labs in the second quarter worth $62,000. Squarepoint Ops LLC acquired a new position in shares of Blend Labs during the 2nd quarter worth $212,000. Irenic Capital Management LP increased its holdings in shares of Blend Labs by 3.6% in the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after purchasing an additional 79,901 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Blend Labs in the 2nd quarter valued at about $68,000. Finally, Hyperion Capital Advisors LP acquired a new stake in shares of Blend Labs in the second quarter valued at about $51,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on BLND shares. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research report on Friday, August 7th. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Weiss Ratings lowered shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Wells Fargo & Company dropped their price objective on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, Citizens Jmp restated a “market outperform” rating and set a $4.00 price objective on shares of Blend Labs in a research report on Tuesday, July 21st. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Blend Labs presently has an average rating of “Hold” and an average price target of $2.82.

About Blend Labs

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 digitize and streamline the process of applying for, underwriting and closing financial products, helping institutions deliver more consistent experiences across digital and physical channels.

The company’s solutions support a range of lending and banking activities, including consumer deposit accounts, mortgages, home equity loans, personal loans, auto loans and credit cards.