Blend Labs, Inc. (NYSE:BLND) Insider Nima Ghamsari Sells 44,130 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 44,130 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $3.52, for a total value of $155,337.60. Following the completion of the sale, the insider now directly owns 6,065,937 shares of the company’s stock, valued at approximately $21,352,098.24. This represents a 0.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, June 13th, Nima Ghamsari sold 75,720 shares of Blend Labs stock. The shares were sold at an average price of $3.30, for a total value of $249,876.00.

Blend Labs Trading Down 8.1%

NYSE:BLND opened at $3.23 on Friday. The company has a 50-day moving average price of $3.40 and a 200-day moving average price of $3.76. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The stock has a market cap of $837.41 million, a price-to-earnings ratio of -9.49 and a beta of 1.30.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JMP Securities reiterated a “market outperform” rating and issued a $7.00 price objective on shares of Blend Labs in a research report on Wednesday, May 28th. Wells Fargo & Company lowered their price objective on Blend Labs from $6.00 to $5.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. The Goldman Sachs Group lowered their price objective on Blend Labs from $5.60 to $4.80 and set a “buy” rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.25 price objective on shares of Blend Labs in a research report on Monday, May 12th. Finally, Keefe, Bruyette & Woods boosted their price objective on Blend Labs from $3.50 to $4.00 and gave the company a “market perform” rating in a research report on Monday, May 19th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Blend Labs has an average rating of “Moderate Buy” and an average price target of $4.90.

Hedge Funds Weigh In On Blend Labs

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPL Wealth Management LLC bought a new stake in Blend Labs during the 4th quarter valued at approximately $42,000. Merit Financial Group LLC purchased a new position in shares of Blend Labs in the 1st quarter valued at approximately $36,000. Balyasny Asset Management L.P. purchased a new position in shares of Blend Labs in the 4th quarter valued at approximately $46,000. Olympiad Research LP bought a new stake in shares of Blend Labs during the fourth quarter valued at approximately $47,000. Finally, Crescent Park Management L.P. purchased a new stake in Blend Labs in the first quarter worth $43,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Blend Labs Company Profile

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.