Blend Labs, Inc. (NYSE:BLND) Insider Sells $904,469.40 in Stock

Key Points

• Nima Ghamsari, an insider at Blend Labs, Inc., sold 311,886 shares in a transaction valued at $904,469.40, resulting in a 5.14% decrease in their position.
• Blend Labs reported a loss of ($0.03) EPS for the last quarter, missing the consensus estimate, along with revenues of $31.52 million which also fell short of expectations.
• Analyst ratings for Blend Labs indicate a moderate buy stance, with target prices varying from $3.75 to $7.00, reflecting mixed market sentiments about the company's future performance.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 311,886 shares of Blend Labs stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $2.90, for a total value of $904,469.40. Following the sale, the insider owned 5,754,051 shares in the company, valued at $16,686,747.90. This trade represents a 5.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, June 13th, Nima Ghamsari sold 75,720 shares of Blend Labs stock. The stock was sold at an average price of $3.30, for a total value of $249,876.00.
• On Thursday, June 12th, Nima Ghamsari sold 44,130 shares of Blend Labs stock. The stock was sold at an average price of $3.52, for a total value of $155,337.60.

Blend Labs Price Performance

NYSE BLND traded up $0.21 on Monday, hitting $3.05. 3,273,319 shares of the company's stock were exchanged, compared to its average volume of 2,850,093. The firm's 50-day moving average price is $3.38 and its two-hundred day moving average price is $3.45. Blend Labs, Inc. has a fifty-two week low of $2.63 and a fifty-two week high of $5.53. The firm has a market cap of $791.96 million, a price-to-earnings ratio of -20.33 and a beta of 1.24.

Blend Labs (NYSE:BLND - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.05). The business had revenue of $31.52 million during the quarter, compared to the consensus estimate of $31.93 million. On average, research analysts predict that Blend Labs, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on BLND. Keefe, Bruyette & Woods cut their target price on Blend Labs from $4.00 to $3.75 and set a "market perform" rating on the stock in a research report on Friday, August 8th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a research note on Monday, May 12th. The Goldman Sachs Group decreased 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. JMP Securities restated a "market outperform" rating and set a $7.00 price target on shares of Blend Labs in a research note on Wednesday, May 28th. Finally, Wall Street Zen raised Blend Labs from a "sell" rating to a "hold" rating in a report on Sunday. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Blend Labs has an average rating of "Moderate Buy" and an average price target of $4.88.

Hedge Funds Weigh In On Blend Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Revolve Wealth Partners LLC purchased a new stake in shares of Blend Labs in the 4th quarter worth about $132,000. Geode Capital Management LLC lifted its position in shares of Blend Labs by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 4,842,483 shares of the company's stock valued at $20,391,000 after acquiring an additional 75,379 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Blend Labs by 49.7% in the 4th quarter. Wells Fargo & Company MN now owns 121,206 shares of the company's stock valued at $510,000 after acquiring an additional 40,266 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Blend Labs by 1,230.9% during the 4th quarter. Invesco Ltd. now owns 1,576,347 shares of the company's stock worth $6,636,000 after purchasing an additional 1,457,901 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Blend Labs during the 4th quarter worth $2,864,000. Institutional investors and hedge funds own 52.56% of the company's stock.

About Blend Labs

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.

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