Key Points
- Insider sale: Blend Labs insider Nima Ghamsari sold 21,009 shares for approximately $25,001 under a pre-arranged Rule 10b5-1 trading plan, reducing his position by 0.27% to 7.85 million shares.
- Stock decline: BLND opened at $1.10 after falling 5.6%, near its one-year low of $1.08. The company has a market capitalization of approximately $261 million and negative earnings.
- Analyst outlook: Wall Street’s consensus rating is “Hold,” with a $2.82 price target; ratings include four Buys, three Holds, and one Sell. Institutional investors own 52.56% of the stock.
Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 21,009 shares of Blend Labs stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $1.19, for a total value of $25,000.71. Following the completion of the transaction, the insider directly owned 7,850,361 shares in the company, valued at $9,341,929.59. This represents a 0.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Blend Labs Trading Down 5.6%
NYSE BLND opened at $1.10 on Thursday. Blend Labs, Inc. has a 1 year low of $1.08 and a 1 year high of $3.98. The company has a market cap of $261.35 million, a PE ratio of -12.28 and a beta of 1.09. The stock's 50-day moving average price is $1.57 and its two-hundred day moving average price is $1.61.
Hedge Funds Weigh In On Blend Labs
Institutional investors and hedge funds have recently modified their holdings of the stock. Lexington Hill Partners LLC acquired a new position in shares of Blend Labs in the fourth quarter worth $42,000. Essential Partners LLC grew its stake in Blend Labs by 21,768.1% in the first quarter. Essential Partners LLC now owns 15,745 shares of the company's stock valued at $27,000 after purchasing an additional 15,673 shares in the last quarter. Covestor Ltd increased its position in Blend Labs by 40.1% in the 4th quarter. Covestor Ltd now owns 18,909 shares of the company's stock worth $57,000 after purchasing an additional 5,409 shares during the last quarter. Caerus Investment Advisors LLC acquired a new position in Blend Labs in the 1st quarter worth about $41,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Blend Labs by 201.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 26,519 shares of the company's stock worth $81,000 after purchasing an additional 17,733 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on BLND shares. Citigroup restated a "market outperform" rating on shares of Blend Labs in a report on Tuesday, July 21st. Weiss Ratings raised shares of Blend Labs from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, September 11th. Wells Fargo & Company lowered their price objective on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. The Goldman Sachs Group set a $3.00 target price on shares of Blend Labs in a research note on Friday, August 7th. Finally, Canaccord Genuity Group reduced their target price on Blend Labs from $4.50 to $3.00 and set a "buy" rating for the company in a report on Thursday, August 13th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Blend Labs presently has an average rating of "Hold" and a consensus price target of $2.82.
View Our Latest Stock Report on BLND
About Blend Labs
(
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.
Featured Stories
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].
