Blend Labs (NYSE:BLND) Stock: Insider Nima Ghamsari Sells 25,098 Shares

Blend Labs, Inc. (NYSE:BLND) insider Nima Ghamsari sold 25,098 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $0.97, for a total transaction of $24,345.06. Following the completion of the sale, the insider owned 7,778,468 shares of the company’s stock, valued at $7,545,113.96. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, 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 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 Trading Up 10.8%

Shares of NYSE BLND opened at $1.01 on Friday. The stock has a market cap of $240.06 million, a PE ratio of -11.28 and a beta of 1.08. Blend Labs, Inc. has a 12-month low of $0.89 and a 12-month high of $3.62. The company has a 50-day moving average of $1.31 and a 200 day moving average of $1.54.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors have recently bought and sold shares of BLND. Capricorn Fund Managers Ltd acquired a new position in Blend Labs in the 1st quarter valued at about $11,049,000. Irenic Capital Management LP purchased a new stake in shares of Blend Labs during the 4th quarter valued at approximately $9,469,000. Rice Hall James & Associates LLC raised its position in shares of Blend Labs by 14.0% during the 1st 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. Militia Capital Partners LP purchased a new stake in shares of Blend Labs during the 4th quarter valued at approximately $1,672,000. Finally, Bank of America Corp DE raised its position in shares of Blend Labs by 6.8% during the 1st 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. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Citigroup reaffirmed a “market outperform” rating on shares of Blend Labs in a report on Tuesday, July 21st. Citizens Jmp reissued a “market outperform” rating and set a $4.00 price objective on shares of Blend Labs in a research note on Tuesday, July 21st. Canaccord Genuity Group lowered their price objective on Blend Labs from $4.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Wells Fargo & Company dropped their target price on Blend Labs from $4.00 to $3.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Zacks Research raised Blend Labs from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Four research 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, the stock presently has an average rating of “Hold” and a consensus target price 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 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.