Blend Labs (NYSE:BLND) Insider Sells $25,553.00 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 27,775 shares of Blend Labs stock in a transaction on Monday, October 19th. The stock was sold at an average price of $0.92, for a total value of $25,553.00. Following the transaction, the insider owned 7,750,693 shares in the company, valued at approximately $7,130,637.56. This represents a 0.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, October 12th, Nima Ghamsari sold 25,098 shares of Blend Labs stock. The shares were sold at an average price of $0.97, for a total transaction of $24,345.06.
• On Monday, October 5th, Nima Ghamsari sold 24,272 shares of Blend Labs stock. The shares were sold at an average price of $1.02, for a total transaction of $24,757.44.
• On Monday, September 28th, Nima Ghamsari sold 22,523 shares of Blend Labs stock. The shares were sold at an average price of $1.10, for a total transaction of $24,775.30.
• On Monday, September 21st, Nima Ghamsari sold 21,009 shares of Blend Labs stock. The shares were sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Trading Up 5.9%

Blend Labs stock opened at $1.18 on Friday. Blend Labs, Inc. has a 12-month low of $0.88 and a 12-month high of $3.62. The stock has a market cap of $277.90 million, a P/E ratio of -13.05 and a beta of 1.08. The company has a 50-day moving average price of $1.26 and a 200 day moving average price of $1.51.

Institutional Trading of Blend Labs

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Essential Partners LLC increased its position in shares of Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock valued at $27,000 after acquiring an additional 15,673 shares during the last quarter. Caerus Investment Advisors LLC purchased a new stake in shares of Blend Labs in the 1st quarter valued at approximately $41,000. Abel Hall LLC purchased a new stake in shares of Blend Labs in the 1st quarter valued at approximately $48,000. Hyperion Capital Advisors LP acquired a new position in shares of Blend Labs in the 2nd quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Blend Labs by 248.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 30,645 shares of the company’s stock worth $93,000 after acquiring an additional 21,859 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BLND. Wall Street Zen upgraded shares of Blend Labs from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. Citizens Jmp reaffirmed a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a research report on Tuesday, July 21st. Canaccord Genuity Group decreased their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Zacks Research upgraded Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Citigroup reiterated a “market outperform” rating on shares of Blend Labs in a research report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Blend Labs presently has a consensus rating of “Hold” and a consensus target price of $2.82.

About Blend Labs

Blend Labs, Inc develops cloud-based software that helps financial institutions digitize and streamline lending and banking processes. Its platform is designed to support customer applications, document collection, underwriting workflows, compliance requirements and other steps involved in delivering financial products.

The company’s solutions cover areas including mortgage lending, consumer loans, deposit accounts and other retail banking services. Blend provides configurable tools intended to help banks, credit unions, fintech companies and other lenders create digital customer experiences while connecting front-end applications with back-office systems.

Blend was founded in 2012 and is headquartered in San Francisco, California.