Insider Selling: Blend Labs (NYSE:BLND) Insider Sells $23,932.16 in Stock

Key Points

• Blend Labs insider Nima Ghamsari sold 21,368 shares at an average price of $1.12, totaling $23,932.16. The transaction occurred under a pre-arranged Rule 10b5-1 plan, leaving him with 7.73 million shares.
• Ghamsari has made six consecutive weekly sales since September 21, selling roughly $148,000 worth of stock in total.
• BLND shares recently traded at $1.17, near the lower end of their $0.88–$3.60 one-year range. Analysts’ average rating is “Hold”, with an average price target of $2.82, while institutional investors own 52.56% of the company.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 21,368 shares of Blend Labs stock in a transaction on Monday, October 26th. The shares were sold at an average price of $1.12, for a total value of $23,932.16. Following the completion of the transaction, the insider directly owned 7,729,325 shares of the company's stock, valued at $8,656,844. This represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 19th, Nima Ghamsari sold 27,775 shares of Blend Labs stock. The stock was 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 value of $24,345.06.
• On Monday, October 5th, Nima Ghamsari sold 24,272 shares of Blend Labs stock. The shares were 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 transaction of $24,775.30.
• On Monday, September 21st, Nima Ghamsari sold 21,009 shares of Blend Labs stock. The stock was sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Stock Performance

Shares of NYSE BLND traded up $0.01 during trading hours on Wednesday, hitting $1.17. 917,588 shares of the stock were exchanged, compared to its average volume of 3,078,338. The company has a market cap of $275.54 million, a PE ratio of -12.94 and a beta of 1.08. The company's fifty day simple moving average is $1.24 and its two-hundred day simple moving average is $1.67. Blend Labs, Inc. has a 1-year low of $0.88 and a 1-year high of $3.60.

Analyst Upgrades and Downgrades

BLND has been the topic of several research analyst reports. Citizens Jmp reaffirmed a "market outperform" rating and issued a $4.00 price objective on shares of Blend Labs in a research note on Tuesday, July 21st. Wall Street Zen downgraded Blend Labs from a "buy" rating to a "hold" rating in a research note on Sunday. Canaccord Genuity Group dropped their target price on shares of Blend Labs from $4.50 to $3.00 and set a "buy" rating for the company in a report on Thursday, August 13th. The Goldman Sachs Group set a $3.00 price target on shares of Blend Labs in a research note on Friday, August 7th. Finally, Citigroup restated 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.82.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC acquired a new position in Blend Labs in the 2nd quarter worth about $62,000. Squarepoint Ops LLC bought a new position in Blend Labs in the second quarter valued at about $212,000. Irenic Capital Management LP boosted its stake in shares of Blend Labs by 3.6% during the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company's stock valued at $3,906,000 after purchasing an additional 79,901 shares in the last quarter. AXQ Capital LP acquired a new stake in shares of Blend Labs during the second quarter valued at about $68,000. Finally, Hyperion Capital Advisors LP acquired a new stake in shares of Blend Labs during the second quarter valued at about $51,000. Institutional investors own 52.56% of the company's stock.

Blend Labs Company Profile

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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