Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 21,009 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 21,009 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $1.19, for a total transaction of $25,000.71. Following the completion of the sale, the insider directly owned 7,850,361 shares of the company’s stock, valued at $9,341,929.59. This trade represents a 0.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Trading Down 4.9%

NYSE BLND opened at $1.06 on Friday. The stock has a market cap of $251.88 million, a P/E ratio of -11.83 and a beta of 1.09. The company’s fifty day simple moving average is $1.55 and its 200-day simple moving average is $1.60. Blend Labs, Inc. has a 52 week low of $1.06 and a 52 week high of $3.91.

Analyst Ratings Changes

BLND has been the subject of a number of analyst reports. Canaccord Genuity Group decreased 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 report on Thursday, August 13th. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a research note on Friday, August 7th. Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Citigroup restated a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Finally, Citizens Jmp restated a “market outperform” rating and set a $4.00 price objective on shares of Blend Labs in a report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.82.

Institutional Trading of Blend Labs

Several hedge funds have recently bought and sold shares of the company. Capricorn Fund Managers Ltd bought a new stake in shares of Blend Labs during the first quarter valued at about $11,049,000. Irenic Capital Management LP bought a new position in Blend Labs in the 4th quarter valued at about $9,469,000. Royce & Associates LP increased its stake in Blend Labs by 18.4% during the 4th quarter. Royce & Associates LP now owns 1,978,135 shares of the company’s stock valued at $6,014,000 after buying an additional 306,895 shares during the period. Whetstone Capital Advisors LLC bought a new stake in shares of Blend Labs during the 4th quarter worth about $3,560,000. Finally, Rice Hall James & Associates LLC lifted its stake in shares of Blend Labs by 14.0% in the 1st quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock worth $1,711,000 after acquiring an additional 123,699 shares during the period. 52.56% of the stock is currently owned by institutional investors.

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.