Blend Labs (NYSE:BLND) Insider Sells $25,893.52 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 22,322 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $1.16, for a total value of $25,893.52. Following the transaction, the insider directly owned 7,707,003 shares of the company’s stock, valued at approximately $8,940,123.48. The trade was a 0.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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, October 26th, Nima Ghamsari sold 21,368 shares of Blend Labs stock. The shares were sold at an average price of $1.12, for a total value of $23,932.16.
• On Monday, October 19th, Nima Ghamsari sold 27,775 shares of Blend Labs stock. The shares were 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 stock was 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 stock was sold at an average price of $1.02, for a total value 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 shares were sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Price Performance

Shares of Blend Labs stock opened at $0.98 on Friday. Blend Labs, Inc. has a one year low of $0.85 and a one year high of $3.44. The stock has a market capitalization of $230.83 million, a P/E ratio of -6.97 and a beta of 1.05. The business’s 50 day simple moving average is $1.19 and its two-hundred day simple moving average is $1.59.

Key Headlines Impacting Blend Labs

Here are the key news stories impacting Blend Labs this week:

• Positive Sentiment: Blend said it had its strongest sales quarter in more than three years. Its Autopilot customer count rose from six to ten, and management said the product’s pipeline has grown. Third-quarter revenue of $32.91 million also topped analyst estimates of $32.47 million. Read More.
• Neutral Sentiment: The company’s third-quarter earnings were reported as a $0.02-per-share loss in one account, while Zacks described results as break-even; either way, they were below Zacks’ $0.01-per-share consensus estimate and roughly in line with the prior-year break-even result. Read More.
• Neutral Sentiment: A report said BLND moved above its 50-day moving average, a potentially supportive technical signal, though it followed news of insider sales. Read More.
• Negative Sentiment: Wells Fargo cut its price target from $3 to $2, and Citizens JMP lowered its target from $4 to $2.50. Both firms retained favorable ratings, but the target reductions temper the bullish message. Read More.; Read More.
• Negative Sentiment: CEO and co-founder Nima Ghamsari continued selling shares under a pre-arranged trading plan, including 22,322 shares on Nov. 2. The reported sale was small compared with his remaining stake, but repeated insider sales may weigh on sentiment. Read More.

Institutional Investors Weigh In On Blend Labs

Hedge funds have recently added to or reduced their stakes in the stock. Essential Partners LLC raised its position in shares of 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 purchasing an additional 15,673 shares during the period. Caerus Investment Advisors LLC bought a new position in shares of Blend Labs during the first quarter valued at about $41,000. Abel Hall LLC bought a new stake in Blend Labs in the 1st quarter valued at about $48,000. Hyperion Capital Advisors LP bought a new stake in shares of Blend Labs during the 2nd quarter valued at about $51,000. Finally, Sequoia Financial Advisors LLC bought a new position in Blend Labs in the 2nd quarter worth $62,000. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on BLND shares. Wall Street Zen downgraded Blend Labs from a “buy” rating to a “hold” rating in a research report on Sunday, October 25th. Wells Fargo & Company reduced their price target on shares of Blend Labs from $3.00 to $2.00 and set an “overweight” rating for the company in a report on Friday. Weiss Ratings downgraded Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, The Goldman Sachs Group set a $3.00 price target on Blend Labs in a report on Friday, August 7th. Four investment 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.40.

About Blend Labs

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.