Insider Selling: Blend Labs (NYSE:BLND) Insider Sells 22,523 Shares of Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 22,523 shares of the company’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $1.10, for a total transaction of $24,775.30. Following the completion of the sale, the insider directly owned 7,827,838 shares in the company, valued at approximately $8,610,621.80. This represents a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 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 Stock Up 1.5%

BLND traded up $0.01 during trading on Wednesday, reaching $1.04. 2,046,485 shares of the stock traded hands, compared to its average volume of 3,246,581. The stock’s 50-day moving average is $1.51 and its 200 day moving average is $1.59. Blend Labs, Inc. has a 12 month low of $1.02 and a 12 month high of $3.86. The stock has a market capitalization of $247.16 million, a PE ratio of -11.61 and a beta of 1.09.

Hedge Funds Weigh In On Blend Labs

A number of large investors have recently modified their holdings of the company. Capricorn Fund Managers Ltd bought a new stake in Blend Labs during the 1st quarter valued at $11,049,000. Irenic Capital Management LP bought a new position in shares of Blend Labs in the fourth quarter valued at $9,469,000. Whetstone Capital Advisors LLC acquired a new position in shares of Blend Labs during the fourth quarter valued at about $3,560,000. Rice Hall James & Associates LLC increased its position in shares of Blend Labs by 14.0% during the first 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 in the last quarter. Finally, Militia Capital Partners LP bought a new stake in shares of Blend Labs during the fourth quarter worth about $1,672,000. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on BLND. Wells Fargo & Company decreased their target price on Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Citizens Jmp restated a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a research note on Friday, August 7th. Canaccord Genuity Group dropped their target price on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Finally, Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Hold” and a consensus target price of $2.82.

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.