Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 22,322 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 22,322 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $1.16, for a total transaction of $25,893.52. Following the sale, the insider directly owned 7,707,003 shares in the company, valued at approximately $8,940,123.48. This trade represents a 0.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 26th, Nima Ghamsari sold 21,368 shares of Blend Labs stock. The shares were sold at an average price of $1.12, for a total transaction of $23,932.16.
• On Monday, October 19th, Nima Ghamsari sold 27,775 shares of Blend Labs stock. The shares were sold at an average price of $0.92, for a total value of $25,553.00.
• 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 value of $24,345.06.
• On Monday, October 5th, Nima Ghamsari sold 24,272 shares of Blend Labs stock. The stock was sold at an average price of $1.02, for a total value of $24,757.44.
• On Monday, September 28th, Nima Ghamsari sold 22,523 shares of Blend Labs stock. The stock was sold at an average price of $1.10, for a total value of $24,775.30.
• On Monday, September 21st, Nima Ghamsari sold 21,009 shares of Blend Labs stock. The stock was sold at an average price of $1.19, for a total value of $25,000.71.

Blend Labs Trading Down 10.5%

BLND opened at $1.15 on Friday. Blend Labs, Inc. has a 1-year low of $0.88 and a 1-year high of $3.44. The stock has a market capitalization of $270.81 million, a price-to-earnings ratio of -12.72 and a beta of 1.05. The business has a 50 day moving average of $1.20 and a 200-day moving average of $1.60.

Blend Labs (NYSE:BLND) last announced its earnings results on Thursday, November 5th. The company reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $32.91 million for the quarter, compared to analyst estimates of $32.47 million. Equities analysts predict that Blend Labs, Inc. will post -0.04 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BLND. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Citizens Jmp reaffirmed a “market outperform” rating and issued a $4.00 price objective on shares of Blend Labs in a research note on Tuesday, July 21st. Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a research note on Friday, August 7th. Finally, Wells Fargo & Company reduced their price target on Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.82.

Institutional Investors Weigh In On Blend Labs

Several hedge funds have recently bought and sold shares of BLND. Sequoia Financial Advisors LLC bought a new stake in Blend Labs during the 2nd quarter worth approximately $62,000. Squarepoint Ops LLC bought a new stake in shares of Blend Labs during the second quarter worth $212,000. AXQ Capital LP bought a new stake in shares of Blend Labs during the second quarter worth $68,000. Bank of America Corp DE increased its position in shares of Blend Labs by 6.8% during the first quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock worth $579,000 after acquiring an additional 21,713 shares in the last quarter. Finally, Irenic Capital Management LP raised its holdings in shares of Blend Labs by 3.6% during the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock worth $3,906,000 after acquiring an additional 79,901 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Company Profile

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.