Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 24,272 Shares

Key Points

• Insider sale: Nima Ghamsari sold 24,272 Blend Labs shares at an average price of $1.02, generating $24,757.44. The transaction was made under a Rule 10b5-1 trading plan and reduced his ownership by 0.31%.
• Stock performance: BLND fell 0.5% to $1.01, near its 52-week low of $1.00. The company has a market capitalization of approximately $240 million.
• Analyst outlook: Analysts have a consensus “Hold” rating and an average price target of $2.82, while institutional investors and hedge funds own 52.56% of the company.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 24,272 shares of the business's stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $1.02, for a total transaction of $24,757.44. Following the completion of the transaction, the insider owned 7,803,566 shares in the company, valued at $7,959,637.32. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 value of $25,000.71.

Blend Labs Trading Down 0.5%

Blend Labs stock traded down $0.01 during mid-day trading on Wednesday, hitting $1.01. The company's stock had a trading volume of 1,441,074 shares, compared to its average volume of 3,197,242. The firm has a market capitalization of $240.06 million, a PE ratio of -11.28 and a beta of 1.08. Blend Labs, Inc. has a 1 year low of $1.00 and a 1 year high of $3.62. The stock's fifty day moving average is $1.44 and its two-hundred day moving average is $1.57.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings downgraded Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, September 25th. Wells Fargo & Company decreased their target price on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Citizens Jmp reaffirmed a "market outperform" rating and set a $4.00 target price on shares of Blend Labs in a research note on Tuesday, July 21st. The Goldman Sachs Group set a $3.00 price target on shares of Blend Labs in a research report on Friday, August 7th. Finally, Citigroup reissued a "market outperform" rating on shares of Blend Labs in a research note 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 company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $2.82.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors have recently modified their holdings of BLND. Chicago Partners Investment Group LLC boosted its position in shares of Blend Labs by 25.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 67,224 shares of the company's stock valued at $108,000 after purchasing an additional 13,428 shares during the period. Lexington Hill Partners LLC acquired a new position in Blend Labs during the fourth quarter worth approximately $42,000. Essential Partners LLC lifted its stake in Blend Labs by 21,768.1% in the first quarter. Essential Partners LLC now owns 15,745 shares of the company's stock valued at $27,000 after buying an additional 15,673 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Blend Labs by 201.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 26,519 shares of the company's stock valued at $81,000 after buying an additional 17,733 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Blend Labs by 6.8% in the first quarter. Bank of America Corp DE now owns 340,757 shares of the company's stock valued at $579,000 after acquiring an additional 21,713 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

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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