Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 24,272 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 24,272 shares of Blend Labs stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $1.02, for a total value of $24,757.44. Following the transaction, the insider owned 7,803,566 shares of the company’s stock, valued at $7,959,637.32. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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, 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 stock was sold at an average price of $1.19, for a total value of $25,000.71.

Blend Labs Price Performance

Shares of NYSE:BLND opened at $1.04 on Friday. The firm has a market capitalization of $247.15 million, a price-to-earnings ratio of -11.61 and a beta of 1.08. Blend Labs, Inc. has a 1 year low of $1.00 and a 1 year high of $3.62. The business’s 50 day moving average price is $1.41 and its 200-day moving average price is $1.57.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BLND. Citizens Jmp restated a “market outperform” rating and set a $4.00 price target on shares of Blend Labs in a report on Tuesday, July 21st. Wells Fargo & Company decreased their price objective on shares of Blend Labs from $4.00 to $3.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Weiss Ratings cut shares of Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, September 25th. Citigroup restated a “market outperform” rating on shares of Blend Labs in a research report on Tuesday, July 21st. Finally, Canaccord Genuity Group dropped their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Blend Labs currently has a consensus rating of “Hold” and an average price target of $2.82.

Hedge Funds Weigh In On Blend Labs

Several large investors have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC raised its stake in shares of Blend Labs by 25.0% during the 1st quarter. Chicago Partners Investment Group LLC now owns 67,224 shares of the company’s stock worth $108,000 after buying an additional 13,428 shares in the last quarter. Lexington Hill Partners LLC purchased a new stake in shares of Blend Labs in the fourth quarter valued at approximately $42,000. Essential Partners LLC grew its holdings in Blend Labs by 21,768.1% during the first quarter. Essential Partners LLC now owns 15,745 shares of the company’s stock worth $27,000 after acquiring an additional 15,673 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in Blend Labs by 201.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 26,519 shares of the company’s stock worth $81,000 after acquiring an additional 17,733 shares during the period. Finally, Bank of America Corp DE raised its position 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 worth $579,000 after acquiring an additional 21,713 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

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 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.