Insider Selling: Blend Labs (NYSE:BLND) Insider Sells 22,322 Shares of Stock

Key Points

• Blend Labs insider Nima Ghamsari sold 22,322 shares at an average $1.16, worth about $25,894. The sale was made under a pre-arranged Rule 10b5-1 plan; he retained 7,707,003 shares afterward, and the article notes several similar weekly sales.
• Analysts’ average rating for BLND is Hold, with an average price target of $2.82. The stock traded at $1.27 in the reported session, within a 52-week range of $0.88 to $3.44.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 22,322 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $1.16, for a total transaction of $25,893.52. Following the completion of the transaction, the insider owned 7,707,003 shares in the company, valued at $8,940,123.48. This represents a 0.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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, October 26th, Nima Ghamsari sold 21,368 shares of Blend Labs stock. The shares were sold at an average price of $1.12, for a total value of $23,932.16.
• On Monday, October 19th, Nima Ghamsari sold 27,775 shares of Blend Labs stock. The shares were sold at an average price of $0.92, for a total value of $25,553.00.
• On Monday, October 12th, Nima Ghamsari sold 25,098 shares of Blend Labs stock. The stock was sold at an average price of $0.97, for a total transaction of $24,345.06.
• 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 shares were sold at an average price of $1.10, for a total value 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 Price Performance

NYSE:BLND traded up $0.12 during mid-day trading on Wednesday, hitting $1.27. 2,566,194 shares of the company's stock were exchanged, compared to its average volume of 3,044,279. The company has a market cap of $301.55 million, a PE ratio of -14.17 and a beta of 1.05. Blend Labs, Inc. has a one year low of $0.88 and a one year high of $3.44. The business has a fifty day moving average price of $1.21 and a 200 day moving average price of $1.62.

Analysts Set New Price Targets

Several equities analysts have issued reports on BLND shares. Citigroup restated a "market outperform" rating on shares of Blend Labs in a research note on Tuesday, July 21st. Wells Fargo & Company decreased their price objective 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. The Goldman Sachs Group set a $3.00 price objective on shares of Blend Labs in a research report on Friday, August 7th. Citizens Jmp restated a "market outperform" rating and issued a $4.00 target price on shares of Blend Labs in a report on Tuesday, July 21st. Finally, Weiss Ratings downgraded shares of Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, September 25th. Four research 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's stock. Based on data from MarketBeat, Blend Labs presently has an average rating of "Hold" and an average target price of $2.82.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently modified their holdings of BLND. Essential Partners LLC boosted its stake in Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company's stock worth $27,000 after buying an additional 15,673 shares during the period. Caerus Investment Advisors LLC bought a new stake in shares of Blend Labs during the first quarter valued at approximately $41,000. Abel Hall LLC purchased a new stake in shares of Blend Labs in the 1st quarter worth $48,000. Hyperion Capital Advisors LP bought a new position in Blend Labs during the 2nd quarter worth about $51,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Blend Labs during the second quarter valued at approximately $62,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company's solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.

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