Blend Labs, Inc. (NYSE:BLND) Insider Nima Ghamsari Sells 75,720 Shares of Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 75,720 shares of the company’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $3.30, for a total transaction of $249,876.00. Following the completion of the sale, the insider now directly owns 6,065,937 shares in the company, valued at $20,017,592.10. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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 Stock Performance

NYSE:BLND opened at $3.23 on Friday. The company has a fifty day moving average of $3.40 and a two-hundred day moving average of $3.76. The stock has a market capitalization of $837.41 million, a PE ratio of -9.49 and a beta of 1.30. Blend Labs, Inc. has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a report on Monday, May 12th. JMP Securities reissued a “market outperform” rating and set a $7.00 price target on shares of Blend Labs in a report on Wednesday, May 28th. UBS Group lowered their price target on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a report on Friday, February 28th. Canaccord Genuity Group reissued a “buy” rating and set a $5.25 price target on shares of Blend Labs in a report on Monday, May 12th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Blend Labs from $3.50 to $4.00 and gave the stock a “market perform” rating in a report on Monday, May 19th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Blend Labs currently has an average rating of “Moderate Buy” and a consensus price target of $4.90.

Hedge Funds Weigh In On Blend Labs

A number of large investors have recently added to or reduced their stakes in BLND. Revolve Wealth Partners LLC acquired a new position in Blend Labs during the fourth quarter worth $132,000. Summit Trail Advisors LLC lifted its stake in shares of Blend Labs by 38.1% in the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after buying an additional 4,953 shares in the last quarter. Quadrant Private Wealth Management LLC purchased a new position in shares of Blend Labs in the fourth quarter worth about $320,000. Rhumbline Advisers lifted its stake in shares of Blend Labs by 7.1% in the fourth quarter. Rhumbline Advisers now owns 292,743 shares of the company’s stock worth $1,232,000 after buying an additional 19,336 shares in the last quarter. Finally, Ieq Capital LLC lifted its stake in shares of Blend Labs by 71.5% in the fourth quarter. Ieq Capital LLC now owns 93,016 shares of the company’s stock worth $392,000 after buying an additional 38,777 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.