Blend Labs (NYSE:BLND) Trading Down 6.4% Following Insider Selling

Blend Labs, Inc. (NYSE:BLND)’s stock price was down 6.4% on Friday following insider selling activity. The company traded as low as $3.33 and last traded at $3.29. Approximately 778,031 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 3,008,706 shares. The stock had previously closed at $3.51.

Specifically, insider Nima Ghamsari sold 75,720 shares of the stock in a transaction on 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 owns 6,065,937 shares in the company, valued at approximately $20,017,592.10. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nima Ghamsari sold 44,130 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $3.52, for a total value of $155,337.60. Following the completion of the sale, the insider now owns 6,065,937 shares in the company, valued at $21,352,098.24. This trade represents a 0.72% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLND. The Goldman Sachs Group lowered their price objective on Blend Labs from $5.60 to $4.80 and set a “buy” rating on the stock in a research report on Monday, May 12th. Keefe, Bruyette & Woods increased their price objective 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. UBS Group reduced their target price on Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note 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 research note on Tuesday, April 22nd. Finally, JMP Securities reissued a “market outperform” rating and issued a $7.00 target price on shares of Blend Labs in a research note on Wednesday, May 28th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.90.

Blend Labs Price Performance

The stock has a 50 day moving average price of $3.40 and a 200-day moving average price of $3.75. The stock has a market capitalization of $837.41 million, a P/E ratio of -9.49 and a beta of 1.30.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Merit Financial Group LLC bought a new stake in shares of Blend Labs in the first quarter worth about $36,000. JPL Wealth Management LLC purchased a new position in shares of Blend Labs during the fourth quarter valued at approximately $42,000. Crescent Park Management L.P. purchased a new position in shares of Blend Labs during the first quarter valued at approximately $43,000. Balyasny Asset Management L.P. purchased a new position in Blend Labs in the 4th quarter worth approximately $46,000. Finally, Olympiad Research LP purchased a new position in Blend Labs in the 4th quarter worth approximately $47,000. 52.56% of the stock is owned by institutional investors.

Blend Labs Company Profile

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.