Insider Selling: Blend Labs (NYSE:BLND) Insider Sells $25,553.00 in Stock

Key Points

• Blend Labs insider Nima Ghamsari sold 27,775 shares at an average price of $0.92, totaling $25,553, under a pre-arranged Rule 10b5-1 trading plan. He continues to own approximately 7.75 million shares after the sale.
• Ghamsari has conducted several weekly sales since late September, with the latest transaction reducing his position by 0.36%.
• Blend Labs shares traded at $1.09, near their 52-week low of $0.88. 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 stock.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 27,775 shares of the firm's stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $0.92, for a total value of $25,553.00. Following the completion of the sale, the insider directly owned 7,750,693 shares of the company's stock, valued at approximately $7,130,637.56. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, 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 12th, Nima Ghamsari sold 25,098 shares of Blend Labs stock. The shares were 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 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 stock was 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 stock was sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Stock Performance

Shares of Blend Labs stock traded up $0.07 during trading on Wednesday, hitting $1.09. 1,628,551 shares of the company's stock were exchanged, compared to its average volume of 3,116,919. The stock has a market capitalization of $258.98 million, a price-to-earnings ratio of -12.17 and a beta of 1.08. The business has a 50-day simple moving average of $1.28 and a 200-day simple moving average of $1.52. Blend Labs, Inc. has a 52-week low of $0.88 and a 52-week high of $3.62.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Weiss Ratings cut shares of Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, September 25th. The Goldman Sachs Group set a $3.00 price objective on Blend Labs in a research note on Friday, August 7th. Wells Fargo & Company cut their price objective on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Wall Street Zen upgraded Blend Labs from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $4.00 target price on shares of Blend Labs in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $2.82.

Institutional Trading of Blend Labs

Hedge funds have recently modified their holdings of the stock. Capricorn Fund Managers Ltd purchased a new position in shares of Blend Labs in the 1st quarter valued at about $11,049,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Blend Labs by 248.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 30,645 shares of the company's stock worth $93,000 after acquiring an additional 21,859 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Blend Labs in the 2nd quarter valued at about $68,000. Hyperion Capital Advisors LP purchased a new position in shares of Blend Labs in the 2nd quarter valued at about $51,000. Finally, Bank of America Corp DE raised its position in shares of Blend Labs by 6.8% during the 1st quarter. Bank of America Corp DE now owns 340,757 shares of the company's stock worth $579,000 after acquiring an additional 21,713 shares in the last quarter. 52.56% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.