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

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 transaction, the insider owned 7,850,361 shares in the company, valued at approximately $9,341,929.59. This represents a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Price Performance

Shares of BLND stock traded down $0.07 during mid-day trading on Wednesday, hitting $1.10. 2,004,240 shares of the stock traded hands, compared to its average volume of 3,292,924. Blend Labs, Inc. has a 52-week low of $1.08 and a 52-week high of $3.98. The stock’s fifty day moving average is $1.58 and its two-hundred day moving average is $1.61. The stock has a market cap of $261.34 million, a P/E ratio of -12.28 and a beta of 1.09.

Wall Street Analysts Forecast Growth

BLND has been the topic of a number of research analyst reports. Zacks Research raised shares of Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Canaccord Genuity Group dropped their price target 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. Wells Fargo & Company reduced 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. Weiss Ratings upgraded Blend Labs from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 11th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $4.00 price target on shares of Blend Labs in a research note on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2.82.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Essential Partners LLC raised its stake in Blend Labs by 21,768.1% in the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after buying an additional 15,673 shares in the last quarter. Caerus Investment Advisors LLC purchased a new stake in shares of Blend Labs in the first quarter valued at about $41,000. Lexington Hill Partners LLC purchased a new position in shares of Blend Labs during the fourth quarter worth about $42,000. Abel Hall LLC purchased a new position in shares of Blend Labs during the first quarter worth about $48,000. Finally, Hyperion Capital Advisors LP acquired a new position in Blend Labs in the 2nd quarter valued at about $51,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.