Insider Selling: Blend Labs (NYSE:BLND) Insider Sells 21,009 Shares

Key Points

• Blend Labs insider Nima Ghamsari sold 21,009 shares at an average price of $1.19, worth approximately $25,001, under a pre-arranged Rule 10b5-1 trading plan. He retained 7,850,361 shares after the sale.
• BLND shares fell 5.6% to $1.10, near the company’s 52-week low of $1.08. The stock remains well below its 50-day and 200-day moving averages of $1.58 and $1.61, respectively.
• Analysts maintain a consensus “Hold” rating with an average price target of $2.82, while institutional investors own 52.56% of the company. Several hedge funds added or initiated positions during the second quarter.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 21,009 shares of the firm's stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $1.19, for a total value of $25,000.71. Following the completion of the transaction, the insider owned 7,850,361 shares in the company, valued at $9,341,929.59. This represents a 0.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Stock Down 5.6%

BLND stock traded down $0.07 during midday trading on Wednesday, hitting $1.10. The company's stock had a trading volume of 2,004,240 shares, compared to its average volume of 3,292,924. Blend Labs, Inc. has a 1 year low of $1.08 and a 1 year high of $3.98. The stock's 50-day moving average price is $1.58 and its 200 day moving average price is $1.61. The stock has a market cap of $261.34 million, a price-to-earnings ratio of -12.28 and a beta of 1.09.

Hedge Funds Weigh In On Blend Labs

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

Wall Street Analyst Weigh In

BLND has been the topic of a number of analyst reports. The Goldman Sachs Group set a $3.00 target price on shares of Blend Labs in a research report on Friday, August 7th. Wells Fargo & Company cut their price target on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Citigroup reissued a "market outperform" rating on shares of Blend Labs in a research report on Tuesday, July 21st. Canaccord Genuity Group decreased their price target on shares of Blend Labs from $4.50 to $3.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. Finally, Weiss Ratings upgraded Blend Labs from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, September 11th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus 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 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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