Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 22,523 Shares

Key Points

• Insider sale: Nima Ghamsari sold 22,523 Blend Labs shares for approximately $24,775 at an average price of $1.10 under a pre-arranged Rule 10b5-1 plan. He still directly owns 7,827,838 shares after the transaction.
• Stock performance: Blend Labs shares rose 1.5% to $1.04, near the company’s 52-week low of $1.02 and well below its 52-week high of $3.86. The stock has a market capitalization of about $247 million.
• Analyst outlook: Analysts have a consensus rating of “Hold” and an average price target of $2.82, with four Buy, three Hold, and one Sell rating. Institutional investors own approximately 52.56% of the company.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 22,523 shares of the business's stock in a transaction on Monday, September 28th. The stock was sold at an average price of $1.10, for a total value of $24,775.30. Following the transaction, the insider directly owned 7,827,838 shares of the company's stock, valued at $8,610,621.80. This trade represents a 0.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 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 value of $25,000.71.

Blend Labs Trading Up 1.5%

Blend Labs stock traded up $0.01 during midday trading on Wednesday, reaching $1.04. The company's stock had a trading volume of 2,046,485 shares, compared to its average volume of 3,246,581. The stock has a market cap of $247.16 million, a PE ratio of -11.61 and a beta of 1.09. Blend Labs, Inc. has a 52 week low of $1.02 and a 52 week high of $3.86. The business has a 50-day moving average price of $1.51 and a 200-day moving average price of $1.59.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BLND shares. Weiss Ratings lowered shares of Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday. Citigroup reiterated a "market outperform" rating on shares of Blend Labs in a report on Tuesday, July 21st. Wells Fargo & Company cut their price objective on Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Zacks Research upgraded Blend Labs from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $4.00 target price on shares of Blend Labs in a report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Blend Labs presently has a consensus rating of "Hold" and a consensus price target of $2.82.

Institutional Trading of Blend Labs

Several institutional investors have recently modified their holdings of the business. Capricorn Fund Managers Ltd bought a new position in Blend Labs during the 1st quarter worth $11,049,000. Irenic Capital Management LP acquired a new stake in shares of Blend Labs in the fourth quarter valued at about $9,469,000. Whetstone Capital Advisors LLC bought a new position in shares of Blend Labs during the fourth quarter worth about $3,560,000. Rice Hall James & Associates LLC raised its position in shares of Blend Labs by 14.0% during the first quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company's stock worth $1,711,000 after acquiring an additional 123,699 shares during the last quarter. Finally, Militia Capital Partners LP acquired a new position in shares of Blend Labs in the fourth quarter worth approximately $1,672,000. Institutional investors own 52.56% of the company's stock.

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 simplify and digitize consumer lending and banking processes, helping institutions manage applications, verification, underwriting, account opening and related workflows through online and mobile channels.

The company's product offerings support mortgage lending, consumer lending and deposit accounts. Its solutions include digital application and account-opening tools, income and asset verification, loan processing and closing capabilities, and configurable technology that financial institutions can use to create and manage digital banking experiences.

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