Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 21,368 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 21,368 shares of the company’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $1.12, for a total value of $23,932.16. Following the completion of the sale, the insider directly owned 7,729,325 shares of the company’s stock, valued at $8,656,844. The trade was a 0.28% decrease in their position. 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 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 transaction of $24,345.06.
• On Monday, October 5th, Nima Ghamsari sold 24,272 shares of Blend Labs stock. The shares were sold at an average price of $1.02, for a total transaction 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 transaction of $24,775.30.
• On Monday, September 21st, Nima Ghamsari sold 21,009 shares of Blend Labs stock. The shares were sold at an average price of $1.19, for a total transaction of $25,000.71.

Blend Labs Price Performance

Shares of Blend Labs stock opened at $1.16 on Friday. Blend Labs, Inc. has a 1-year low of $0.88 and a 1-year high of $3.44. The company has a market capitalization of $273.17 million, a PE ratio of -12.83 and a beta of 1.08. The business has a 50-day moving average of $1.23 and a 200-day moving average of $1.65.

Institutional Investors Weigh In On Blend Labs

Large investors have recently added to or reduced their stakes in the stock. Capricorn Fund Managers Ltd bought a new position in shares of Blend Labs in the first quarter worth $11,049,000. Irenic Capital Management LP lifted its holdings 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 worth $3,906,000 after purchasing an additional 79,901 shares during the period. Rice Hall James & Associates LLC lifted its holdings 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 worth $1,711,000 after purchasing an additional 123,699 shares during the period. Bank of America Corp DE lifted its stake in shares of Blend Labs by 6.8% in the 1st 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 during the period. Finally, Sei Investments Co. increased its stake in shares of Blend Labs by 99.0% during the first quarter. Sei Investments Co. now owns 258,688 shares of the company’s stock valued at $440,000 after acquiring an additional 128,677 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BLND shares. Wall Street Zen downgraded shares of Blend Labs from a “buy” rating to a “hold” rating in a research note on Sunday, October 25th. Canaccord Genuity Group reduced their price target on shares of Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wells Fargo & Company decreased their price target on Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and set a $4.00 target price on shares of Blend Labs in a report on Tuesday, July 21st. Finally, Weiss Ratings downgraded Blend Labs from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 25th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. 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 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.