Srinivasan Venkatramani Sells 74,705 Shares of Blend Labs (NYSE:BLND) Stock

Blend Labs, Inc. (NYSE:BLND) insider Srinivasan Venkatramani sold 74,705 shares of Blend Labs stock in a transaction on Friday, September 11th. The stock was sold at an average price of $1.43, for a total value of $106,828.15. Following the completion of the transaction, the insider owned 236,563 shares in the company, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Stock Down 2.6%

Shares of Blend Labs stock opened at $1.32 on Thursday. Blend Labs, Inc. has a 12-month low of $1.18 and a 12-month high of $4.49. The firm has a market capitalization of $313.38 million, a PE ratio of -14.72 and a beta of 1.09. The stock’s fifty day moving average is $1.62 and its 200-day moving average is $1.63.

Wall Street Analyst Weigh In

BLND has been the subject of several recent analyst reports. Canaccord Genuity Group decreased their target price on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Citigroup restated a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Zacks Research raised shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Wells Fargo & Company decreased their price objective on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Citizens Jmp reiterated 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 equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.82.

Hedge Funds Weigh In On Blend Labs

Several institutional investors and hedge funds have recently bought and sold shares of BLND. Capricorn Fund Managers Ltd acquired a new stake in shares of Blend Labs during the first quarter worth approximately $11,049,000. Irenic Capital Management LP purchased a new position in Blend Labs during the fourth quarter valued at approximately $9,469,000. Whetstone Capital Advisors LLC acquired a new position in Blend Labs in the 4th quarter valued at approximately $3,560,000. Militia Capital Partners LP acquired a new position in Blend Labs in the 4th quarter valued at approximately $1,672,000. Finally, Kazazian Asset Management LLC purchased a new stake in Blend Labs in the 4th quarter worth approximately $1,172,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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 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.