Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 27,775 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 27,775 shares of the business’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $0.92, for a total transaction of $25,553.00. Following the completion of the sale, the insider directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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 Up 1.4%

NYSE BLND opened at $1.11 on Friday. The business’s 50-day moving average price is $1.26 and its two-hundred day moving average price is $1.51. Blend Labs, Inc. has a 12 month low of $0.88 and a 12 month high of $3.62. The firm has a market capitalization of $263.71 million, a PE ratio of -12.39 and a beta of 1.08.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BLND shares. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a research note on Tuesday, July 21st. Weiss Ratings downgraded shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Wells Fargo & Company decreased their target price on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Zacks Research upgraded shares of Blend Labs from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of Blend Labs from a “hold” rating to a “buy” rating in a research report on Saturday, October 17th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Blend Labs presently has an average rating of “Hold” and an average price target of $2.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capricorn Fund Managers Ltd bought a new stake in Blend Labs in the first quarter worth approximately $11,049,000. Irenic Capital Management LP lifted its stake in Blend Labs by 3.6% in the second quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company’s stock valued at $3,906,000 after buying an additional 79,901 shares during the period. Rice Hall James & Associates LLC lifted its stake in Blend Labs by 14.0% in the first quarter. Rice Hall James & Associates LLC now owns 1,006,289 shares of the company’s stock valued at $1,711,000 after buying an additional 123,699 shares during the period. Bank of America Corp DE lifted its stake in Blend Labs by 6.8% in the first quarter. Bank of America Corp DE now owns 340,757 shares of the company’s stock valued at $579,000 after buying an additional 21,713 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Blend Labs by 99.0% during the 1st quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock worth $440,000 after buying an additional 128,677 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

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 digitize and streamline the process of applying for, underwriting and closing financial products, helping institutions deliver more consistent experiences across digital and physical channels.

The company’s solutions support a range of lending and banking activities, including consumer deposit accounts, mortgages, home equity loans, personal loans, auto loans and credit cards.