Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 21,368 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 21,368 shares of Blend Labs stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $1.12, for a total transaction of $23,932.16. Following the sale, the insider owned 7,729,325 shares in the company, valued at approximately $8,656,844. This represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, October 19th, Nima Ghamsari sold 27,775 shares of Blend Labs stock. The stock was sold at an average price of $0.92, for a total transaction of $25,553.00.
• On Monday, October 12th, Nima Ghamsari sold 25,098 shares of Blend Labs stock. The shares were sold at an average price of $0.97, for a total transaction of $24,345.06.
• On Monday, October 5th, Nima Ghamsari sold 24,272 shares of Blend Labs stock. The shares were sold at an average price of $1.02, for a total transaction of $24,757.44.
• 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 stock was sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Stock Performance

Shares of NYSE:BLND traded up $0.01 during mid-day trading on Wednesday, reaching $1.17. 917,588 shares of the company’s stock were exchanged, compared to its average volume of 3,078,338. Blend Labs, Inc. has a twelve month low of $0.88 and a twelve month high of $3.60. The firm has a market capitalization of $275.54 million, a price-to-earnings ratio of -12.94 and a beta of 1.08. The business’s fifty day moving average price is $1.24 and its 200-day moving average price is $1.67.

Wall Street Analyst Weigh In

Several brokerages have commented on BLND. Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Weiss Ratings cut Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 25th. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research report on Friday, August 7th. Canaccord Genuity Group cut their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $4.00 price objective on shares of Blend Labs in a research note on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC bought a new stake in Blend Labs in the second quarter worth approximately $62,000. Squarepoint Ops LLC acquired a new position in Blend Labs in the second quarter valued at approximately $212,000. Irenic Capital Management LP lifted its stake in Blend Labs by 3.6% in the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after buying an additional 79,901 shares during the period. AXQ Capital LP bought a new position in shares of Blend Labs during the 2nd quarter worth approximately $68,000. Finally, Hyperion Capital Advisors LP bought a new position in shares of Blend Labs during the 2nd quarter worth approximately $51,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Blend Labs Company Profile

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.