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

Blend Labs, Inc. (NYSE:BLND) insider Srinivasan Venkatramani sold 74,705 shares of Blend Labs stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $1.43, for a total transaction of $106,828.15. Following the transaction, the insider owned 236,563 shares of the company’s stock, valued at $338,285.09. The trade was a 24.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Blend Labs Stock Down 5.9%

Blend Labs stock opened at $1.36 on Wednesday. The company has a market capitalization of $322.84 million, a P/E ratio of -15.16 and a beta of 1.09. The stock’s 50 day moving average is $1.63 and its 200 day moving average is $1.63. Blend Labs, Inc. has a twelve month low of $1.18 and a twelve month high of $4.49.

Analysts Set New Price Targets

A number of research firms have recently commented on BLND. The Goldman Sachs Group set a $3.00 target price on Blend Labs in a research note on Friday, August 7th. Canaccord Genuity Group dropped their price target on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings upgraded shares of Blend Labs from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Zacks Research raised shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Wells Fargo & Company reduced 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 note on Friday, August 7th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.82.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capricorn Fund Managers Ltd bought a new stake in Blend Labs in the 1st quarter worth approximately $11,049,000. Irenic Capital Management LP bought a new position in shares of Blend Labs during the 4th quarter valued at $9,469,000. Royce & Associates LP boosted its stake in shares of Blend Labs by 18.4% in the 4th quarter. Royce & Associates LP now owns 1,978,135 shares of the company’s stock worth $6,014,000 after buying an additional 306,895 shares during the last quarter. Whetstone Capital Advisors LLC purchased a new position in shares of Blend Labs in the 4th quarter worth $3,560,000. Finally, Rice Hall James & Associates LLC grew its holdings in shares of Blend Labs by 5.9% in the fourth quarter. Rice Hall James & Associates LLC now owns 882,590 shares of the company’s stock worth $2,683,000 after acquiring an additional 48,791 shares during the period. Institutional investors own 52.56% of the company’s stock.

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.