Key Points
- Blend Labs insider Srinivasan Venkatramani sold 74,705 shares for approximately $106,828 at an average price of $1.43, reducing his direct position by 24% to 236,563 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
- BLND shares opened at $1.36 after falling 5.9%, compared with a 12-month range of $1.18 to $4.49. The company has a market capitalization of approximately $322.8 million, and institutional investors own 52.56% of its stock.
- Analyst sentiment is mixed: four analysts rate the stock Buy, three Hold, and one Sell, producing an overall Hold rating and an average price target of $2.82.
Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Srinivasan Venkatramani sold 74,705 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $1.43, for a total transaction of $106,828.15. Following the completion of the transaction, the insider directly owned 236,563 shares in the company, valued at approximately $338,285.09. The trade was a 24.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Blend Labs Trading Down 5.9%
Shares of BLND stock opened at $1.36 on Wednesday. Blend Labs, Inc. has a 12 month low of $1.18 and a 12 month high of $4.49. The stock has a market cap of $322.84 million, a P/E ratio of -15.16 and a beta of 1.09. The company has a 50 day simple moving average of $1.63 and a two-hundred day simple moving average of $1.63.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of BLND. Essential Partners LLC increased its stake in Blend Labs by 21,768.1% in the 1st quarter. Essential Partners LLC now owns 15,745 shares of the company's stock worth $27,000 after buying an additional 15,673 shares in the last quarter. Caerus Investment Advisors LLC purchased a new position in shares of Blend Labs in the first quarter valued at about $41,000. Lexington Hill Partners LLC bought a new position in shares of Blend Labs in the fourth quarter worth about $42,000. Abel Hall LLC bought a new position in shares of Blend Labs in the first quarter worth about $48,000. Finally, Hyperion Capital Advisors LP bought a new position in shares of Blend Labs in the second quarter worth about $51,000. Institutional investors own 52.56% of the company's stock.
Wall Street Analysts Forecast Growth
BLND has been the subject of several analyst reports. Citigroup reaffirmed a "market outperform" rating on shares of Blend Labs in a report on Tuesday, July 21st. The Goldman Sachs Group set a $3.00 price target on Blend Labs in a report on Friday, August 7th. Zacks Research upgraded Blend Labs from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Canaccord Genuity Group decreased 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. Finally, Wells Fargo & Company lowered their price objective on Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Four 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. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.82.
Get Our Latest Stock Analysis on Blend Labs
Blend Labs Company Profile
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
