Blend Labs (NYSE:BLND) Insider Nima Ghamsari Sells 25,098 Shares of Company Stock

Key Points

• Insider sale: Nima Ghamsari sold 25,098 Blend Labs shares at an average price of $0.97, generating $24,345.06. The sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 0.32% to 7.78 million shares.
• Recent stock performance: BLND shares fell 3.2% to $0.92, near the company’s one-year low of $0.89. The stock has a market capitalization of approximately $218.5 million.
• Analyst outlook: Wall Street’s average rating is “Hold,” with an average price target of $2.82; four analysts rate the stock Buy, three Hold, and one Sell. Institutional investors own 52.56% of Blend Labs.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 25,098 shares of the business's stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $0.97, for a total transaction of $24,345.06. Following the completion of the sale, the insider owned 7,778,468 shares of the company's stock, valued at approximately $7,545,113.96. This represents a 0.32% decrease in their position. 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.

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

• 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 transaction of $24,757.44.
• On Monday, September 28th, Nima Ghamsari sold 22,523 shares of Blend Labs stock. The stock was 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 3.2%

BLND stock traded down $0.03 during trading on Wednesday, hitting $0.92. 1,755,638 shares of the company's stock traded hands, compared to its average volume of 3,148,900. The firm has a market capitalization of $218.54 million, a P/E ratio of -10.27 and a beta of 1.08. The business has a fifty day simple moving average of $1.35 and a two-hundred day simple moving average of $1.55. Blend Labs, Inc. has a 1 year low of $0.89 and a 1 year high of $3.62.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC acquired a new stake in Blend Labs in the 2nd quarter worth approximately $62,000. Squarepoint Ops LLC acquired a new position in Blend Labs during the 2nd quarter valued at approximately $212,000. Irenic Capital Management LP raised its holdings in shares of Blend Labs by 3.6% in the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company's stock worth $3,906,000 after buying an additional 79,901 shares during the last quarter. AXQ Capital LP purchased a new position in shares of Blend Labs in the second quarter worth $68,000. Finally, Hyperion Capital Advisors LP purchased a new position in shares of Blend Labs in the second quarter worth $51,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Citizens Jmp reiterated a "market outperform" rating and issued a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Weiss Ratings cut Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, September 25th. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research report on Friday, August 7th. Citigroup reiterated a "market outperform" rating on shares of Blend Labs in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company reduced their target price on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.82.

Blend Labs Company Profile

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.

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