Key Points
- Blend Labs insider Nima Ghamsari sold 21,368 shares for approximately $23,932 at an average price of $1.12 under a pre-arranged Rule 10b5-1 plan, reducing his position by 0.28% to 7.73 million shares.
- Ghamsari has made five additional weekly sales since September 21, bringing the reported recent sales pattern to more than 120,000 shares.
- Blend Labs shares opened at $1.17, with a market capitalization of $275.5 million. Analysts’ consensus rating is Hold, with an average price target of $2.82, while institutional investors own 52.56% of the stock.
Blend Labs, Inc. (NYSE:BLND - Get Free Report) insider Nima Ghamsari sold 21,368 shares of the business'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 transaction, the insider owned 7,729,325 shares in the company, valued at approximately $8,656,844. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a 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, 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 value of $24,345.06.
- 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 value of $24,757.44.
- 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 value 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 value of $25,000.71.
Blend Labs Trading Up 0.4%
Blend Labs stock opened at $1.17 on Thursday. The stock has a market cap of $275.54 million, a P/E ratio of -12.94 and a beta of 1.08. The stock has a 50 day moving average of $1.24 and a 200-day moving average of $1.66. Blend Labs, Inc. has a 52 week low of $0.88 and a 52 week high of $3.60.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Capricorn Fund Managers Ltd acquired a new position in shares of Blend Labs in the 1st quarter worth approximately $11,049,000. Irenic Capital Management LP increased its holdings in shares of Blend Labs by 3.6% in the 2nd quarter. Irenic Capital Management LP now owns 2,284,101 shares of the company's stock valued at $3,906,000 after acquiring an additional 79,901 shares during the last quarter. 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 acquiring an additional 123,699 shares in the last quarter. 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 acquiring an additional 21,713 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Blend Labs by 99.0% during the 1st 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 in the last quarter. Institutional investors own 52.56% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently issued reports on BLND. Wall Street Zen cut shares of Blend Labs from a "buy" rating to a "hold" rating in a report on Sunday. Zacks Research upgraded shares of Blend Labs from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 18th. Weiss Ratings lowered shares of Blend Labs from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, September 25th. Wells Fargo & Company dropped their target price on shares of Blend Labs from $4.00 to $3.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Finally, The Goldman Sachs Group set a $3.00 target price on shares of Blend Labs 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 company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2.82.
Get Our Latest Analysis on Blend Labs
About Blend Labs
(
Get Free Report)
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.
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