Blend Labs (NYSE:BLND) Insider Sells $24,775.30 in Stock

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 22,523 shares of the company’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $1.10, for a total transaction of $24,775.30. Following the sale, the insider directly owned 7,827,838 shares in the company, valued at $8,610,621.80. This trade represents a 0.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through 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, 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 2.4%

BLND stock opened at $1.02 on Friday. The stock has a 50-day moving average price of $1.47 and a 200-day moving average price of $1.58. Blend Labs, Inc. has a 1-year low of $1.01 and a 1-year high of $3.62. The firm has a market cap of $242.42 million, a PE ratio of -11.39 and a beta of 1.08.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Essential Partners LLC increased its holdings 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 in the last quarter. Caerus Investment Advisors LLC acquired a new position in shares of Blend Labs during the first quarter worth approximately $41,000. Lexington Hill Partners LLC bought a new position in shares of Blend Labs in the 4th quarter worth $42,000. Abel Hall LLC bought a new position in shares of Blend Labs in the 1st quarter worth $48,000. Finally, Hyperion Capital Advisors LP acquired a new stake in Blend Labs in the 2nd quarter valued at $51,000. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BLND. Weiss Ratings downgraded Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Canaccord Genuity Group cut their price target on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a research report on Tuesday, July 21st. 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 lowered 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 investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Hold” and a consensus price target of $2.82.

About Blend Labs

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.