Blend Labs, Inc. (NYSE:BLND) Insider Sells $249,876.00 in Stock

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 75,720 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $3.30, for a total value of $249,876.00. Following the sale, the insider now directly owns 6,065,937 shares of the company's stock, valued at $20,017,592.10. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Nima Ghamsari also recently made the following trade(s):

• On Thursday, June 12th, Nima Ghamsari sold 44,130 shares of Blend Labs stock. The stock was sold at an average price of $3.52, for a total transaction of $155,337.60.

Blend Labs Trading Down 1.1%

Shares of NYSE BLND traded down $0.04 during mid-day trading on Monday, hitting $3.19. The company had a trading volume of 1,705,535 shares, compared to its average volume of 3,019,482. The firm has a 50-day simple moving average of $3.40 and a two-hundred day simple moving average of $3.74. The company has a market capitalization of $829.10 million, a PE ratio of -9.39 and a beta of 1.30. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53.

Hedge Funds Weigh In On Blend Labs

A number of hedge funds have recently bought and sold shares of the business. Revolve Wealth Partners LLC bought a new stake in Blend Labs during the fourth quarter worth about $132,000. Summit Trail Advisors LLC lifted its holdings in shares of Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock worth $76,000 after acquiring an additional 4,953 shares during the period. Quadrant Private Wealth Management LLC acquired a new stake in shares of Blend Labs during the 4th quarter worth approximately $320,000. Rhumbline Advisers boosted its position in shares of Blend Labs by 7.1% during the 4th quarter. Rhumbline Advisers now owns 292,743 shares of the company's stock worth $1,232,000 after acquiring an additional 19,336 shares in the last quarter. Finally, Ieq Capital LLC increased its stake in Blend Labs by 71.5% in the fourth quarter. Ieq Capital LLC now owns 93,016 shares of the company's stock valued at $392,000 after acquiring an additional 38,777 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JMP Securities reiterated a "market outperform" rating and issued a $7.00 price target on shares of Blend Labs in a research report on Wednesday, May 28th. UBS Group lowered their price objective on shares of Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research report on Friday, February 28th. Wells Fargo & Company reduced their target price on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. The Goldman Sachs Group decreased their target price on Blend Labs from $5.60 to $4.80 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Keefe, Bruyette & Woods raised their price target on Blend Labs from $3.50 to $4.00 and gave the stock a "market perform" rating in a research report on Monday, May 19th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4.90.

About Blend Labs

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.