Insider Selling: Blend Labs (NYSE:BLND) Insider Sells $24,757.44 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 24,272 shares of the firm’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $1.02, for a total value of $24,757.44. Following the transaction, the insider directly owned 7,803,566 shares in the company, valued at $7,959,637.32. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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 Stock Down 5.0%

Shares of BLND opened at $1.00 on Friday. The firm has a market capitalization of $235.80 million, a PE ratio of -11.08 and a beta of 1.08. The firm has a 50-day moving average price of $1.39 and a 200 day moving average price of $1.56. Blend Labs, Inc. has a 52-week low of $0.99 and a 52-week high of $3.62.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new stake in shares of Blend Labs during the 2nd quarter worth $62,000. Squarepoint Ops LLC acquired a new stake in shares of Blend Labs during the second quarter worth $212,000. Irenic Capital Management LP lifted its holdings in shares of Blend Labs by 3.6% during the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after purchasing an additional 79,901 shares during the last quarter. AXQ Capital LP purchased a new stake in shares of Blend Labs during the second quarter valued at $68,000. Finally, Hyperion Capital Advisors LP purchased a new stake in shares of Blend Labs during the second quarter valued at $51,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

BLND has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Weiss Ratings lowered Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 25th. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research note on Friday, August 7th. Finally, Canaccord Genuity Group cut their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 13th. 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 stock. According to data from MarketBeat.com, Blend Labs has a consensus rating of “Hold” and an average price target of $2.82.

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 digitize and streamline the process of applying for, underwriting and closing financial products, helping institutions deliver more consistent experiences across digital and physical channels.

The company’s solutions support a range of lending and banking activities, including consumer deposit accounts, mortgages, home equity loans, personal loans, auto loans and credit cards.