Srinivasan Venkatramani Sells 74,705 Shares of Blend Labs (NYSE:BLND) Stock

Key Points

• Insider sale: Srinivasan Venkatramani sold 74,705 Blend Labs shares for approximately $106,828 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 24% to 236,563 shares.
• Stock performance: BLND shares fell 5.9% to $1.36, trading well below their 50-day and 200-day moving averages. The stock has ranged from $1.18 to $4.49 over the past year.
• Analyst outlook: 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 company.

Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Srinivasan Venkatramani sold 74,705 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the sale, the insider owned 236,563 shares of the company's stock, valued at approximately $338,285.09. This represents a 24.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Stock Down 5.9%

Shares of BLND stock traded down $0.09 during mid-day trading on Tuesday, reaching $1.36. The company's stock had a trading volume of 1,645,579 shares, compared to its average volume of 3,311,700. The firm has a market capitalization of $322.84 million, a PE ratio of -15.16 and a beta of 1.09. The company's 50 day simple moving average is $1.64 and its 200-day simple moving average is $1.63. Blend Labs, Inc. has a 12-month low of $1.18 and a 12-month high of $4.49.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors have recently modified their holdings of BLND. Capricorn Fund Managers Ltd bought a new position in shares of Blend Labs during the first quarter worth about $11,049,000. Irenic Capital Management LP bought a new stake in Blend Labs in the fourth quarter valued at about $9,469,000. Whetstone Capital Advisors LLC acquired a new stake in Blend Labs during the fourth quarter valued at approximately $3,560,000. Militia Capital Partners LP acquired a new stake in Blend Labs during the fourth quarter valued at approximately $1,672,000. Finally, Kazazian Asset Management LLC acquired a new stake in Blend Labs during the fourth quarter valued at approximately $1,172,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analyst Ratings Changes

BLND has been the topic of several analyst reports. The Goldman Sachs Group set a $3.00 target price on Blend Labs in a report on Friday, August 7th. Wells Fargo & Company dropped their price objective on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised shares of Blend Labs from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday. Canaccord Genuity Group decreased their target price 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, Citizens Jmp reaffirmed a "market outperform" rating and set a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Blend Labs has an average rating of "Hold" and a consensus target price 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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