Blend Labs (NYSE:BLND) Trading Down 3.2% on Insider Selling

Blend Labs, Inc. (NYSE:BLND) shares fell 3.2% during mid-day trading on Monday following insider selling activity. The stock traded as low as $2.39 and last traded at $2.40. 194,689 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,667,805 shares. The stock had previously closed at $2.48.

Specifically, insider Nima Ghamsari sold 81,700 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $2.99, for a total transaction of $244,283.00. Following the completion of the transaction, the insider now directly owns 34,774 shares of the company’s stock, valued at approximately $103,974.26. The sale was disclosed in a filing with the SEC, which is available at this link. 11.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BLND. Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a report on Monday, March 18th. The Goldman Sachs Group upped their price objective on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Canaccord Genuity Group increased their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the company a “hold” rating in a report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Blend Labs presently has an average rating of “Hold” and a consensus target price of $3.06.

Blend Labs Stock Down 2.4 %

The business’s 50-day simple moving average is $2.76 and its two-hundred day simple moving average is $2.24. The company has a debt-to-equity ratio of 34.81, a quick ratio of 5.38 and a current ratio of 5.38.

Blend Labs (NYSE:BLND) last released its quarterly earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). Blend Labs had a negative return on equity of 595.99% and a negative net margin of 118.15%. The company had revenue of $36.10 million for the quarter, compared to analysts’ expectations of $37.52 million. As a group, equities research analysts predict that Blend Labs, Inc. will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after purchasing an additional 4,633 shares during the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Blend Labs during the fourth quarter worth about $26,000. EP Wealth Advisors LLC grew its holdings in shares of Blend Labs by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock worth $464,000 after buying an additional 11,448 shares during the last quarter. AMG National Trust Bank acquired a new position in Blend Labs in the 4th quarter valued at about $37,000. Finally, Cannon Global Investment Management LLC purchased a new stake in Blend Labs during the 1st quarter valued at approximately $65,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

About Blend Labs

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.