Blend Labs (NYSE:BLND) Trading Down 6.4% Following Insider Selling

Blend Labs, Inc. (NYSE:BLND - Get Free Report) traded down 6.4% on Friday after an insider sold shares in the company. The company traded as low as $3.33 and last traded at $3.29. 778,031 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,008,706 shares. The stock had previously closed at $3.51.

Specifically, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $3.30, for a total transaction of $249,876.00. Following the completion of the sale, the insider now directly owns 6,065,937 shares in the company, valued at approximately $20,017,592.10. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nima Ghamsari sold 44,130 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $3.52, for a total value of $155,337.60. Following the sale, the insider now owns 6,065,937 shares of the company's stock, valued at approximately $21,352,098.24. This represents a 0.72% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Canaccord Genuity Group reiterated a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a report on Monday, May 12th. UBS Group cut their price objective on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Friday, February 28th. Keefe, Bruyette & Woods increased their price objective on Blend Labs from $3.50 to $4.00 and gave the stock a "market perform" rating in a report on Monday, May 19th. Wells Fargo & Company cut their target price on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group cut their target price on Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a report on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $4.90.

Blend Labs Price Performance

The company has a fifty day simple moving average of $3.40 and a two-hundred day simple moving average of $3.73. The company has a market capitalization of $829.10 million, a P/E ratio of -9.39 and a beta of 1.30.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently made changes to their positions in BLND. Lightspeed Management Company L.L.C. bought a new position in shares of Blend Labs in the fourth quarter worth about $97,366,000. Whitebark Investors LP bought a new position in shares of Blend Labs in the fourth quarter worth about $10,895,000. Mirabella Financial Services LLP bought a new position in shares of Blend Labs in the fourth quarter worth about $6,765,000. Invesco Ltd. increased its stake in shares of Blend Labs by 1,230.9% in the fourth 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, Arrowstreet Capital Limited Partnership bought a new position in shares of Blend Labs in the fourth quarter worth about $5,722,000. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Company Profile

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.