Blend Labs (NYSE:BLND) Trading Down 3.2% After Insider Selling

Blend Labs, Inc. (NYSE:BLND) shares traded down 3.2% on Monday after an insider sold shares in the company. The company traded as low as $2.39 and last traded at $2.40. 194,689 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,667,805 shares. The stock had previously closed at $2.48.

Specifically, insider Nima Ghamsari sold 100,807 shares of Blend Labs stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $2.45, for a total transaction of $246,977.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.83% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BLND. The Goldman Sachs Group lifted their target price on Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a research report on Friday, March 15th. Canaccord Genuity Group upped their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Monday, March 18th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.06.

Blend Labs Trading Up 8.7 %

The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 34.81. The stock has a market capitalization of $616.26 million, a P/E ratio of -3.18 and a beta of 1.00. The company has a 50-day moving average price of $2.74 and a 200 day moving average price of $2.25.

Blend Labs (NYSE:BLND) last announced its earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. The business had revenue of $36.10 million during the quarter, compared to the consensus estimate of $37.52 million. On average, research analysts forecast that Blend Labs, Inc. will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Blend Labs

Institutional investors and hedge funds have recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new position in shares of Blend Labs during the fourth quarter valued at about $26,000. AMG National Trust Bank acquired a new stake in shares of Blend Labs during the fourth quarter worth $37,000. Thrive Capital Management LLC purchased a new stake in shares of Blend Labs during the third quarter valued at $46,000. Moneta Group Investment Advisors LLC acquired a new position in shares of Blend Labs in the 3rd quarter valued at $52,000. Finally, Berylson Capital Partners LLC acquired a new stake in Blend Labs during the 4th quarter worth about $52,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Blend Labs Company Profile

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.