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Blend Labs principal accounting officer sells shares worth over $88k

Published 03/09/2024, 21:10

BLND
4.72%

Blend Labs, Inc. (NYSE:BLND) has reported a significant transaction by one of its top executives. Tkach Oxana, the company's Principal Accounting Officer, sold a total of 23,749 shares of Class A Common Stock. The transaction was executed on August 30, 2024, with the shares sold at a weighted average price ranging from $3.655 to $3.76 per share, amounting to over $88,075 in total value.

Investors tracking insider transactions will note that the sale took place under a prearranged trading plan. According to the footnotes in the SEC filing, the sales were made pursuant to a Rule 10b5-1 trading plan, which was adopted by Oxana on May 24, 2024. These plans allow company insiders to establish pre-planned transactions at a time when they are not in possession of material non-public information, providing a defense against potential claims of insider trading.

Following the sale, Oxana retains ownership of 88,700 shares of Blend Labs' Class A Common Stock. The sale and the remaining ownership stake are indicative of the executive's ongoing investment in the company, despite the recent sale.

Blend Labs, based in San Francisco, California, operates within the technology sector, focusing on computer programming, data processing, and other related services. The company's stock trades under the ticker symbol BLND on the New York Stock Exchange.

Investors and shareholders can request more detailed information about the specific prices at which the shares were sold within the reported range by contacting the Commission staff, the Issuer, or a security holder of the Issuer as stated in the SEC filing. The transaction is disclosed in line with SEC requirements, offering transparency about the trading activities of the company's insiders.

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In other recent news, Blend reported robust Q2 2024 results, with revenues surpassing expectations at $40.5 million. The company's mortgage suite revenue met forecasts at $18.5 million, despite a decrease in industry originations. Blend's consumer banking business grew by 37% year-over-year, contributing to its strong financial standing.

The company's focus on innovation and technology adoption was underscored, with new features and products in the pipeline to enhance efficiency and broaden home equity lending offerings. Blend's Q2 results also revealed a non-GAAP loss from operations of $5.6 million, better than anticipated.

Looking ahead, Blend projects Q3 platform revenue between $28 million and $31 million and total company revenue between $39.5 million and $43.5 million. The company is on track to reach non-GAAP operating profitability and expects positive free cash flow in the near future. These recent developments indicate Blend's solid performance and optimistic outlook.

InvestingPro Insights

Blend Labs, Inc. (NYSE:BLND) has shown dynamic financial performance and market activity that investors may find noteworthy. According to real-time data from InvestingPro, as of Q2 2024, Blend Labs holds a market capitalization of $891.12 million. Despite its significant market presence, the company has reported a negative price-to-earnings (P/E) ratio of -7.24, with a slight adjustment to -7.82 when considering the last twelve months as of Q2 2024. This indicates that the company is not currently profitable, a sentiment echoed by analysts who do not anticipate profitability for this fiscal year.

InvestingPro Tips for Blend Labs highlight that the company holds more cash than debt on its balance sheet, suggesting a strong liquidity position. This is further supported by the fact that liquid assets exceed short-term obligations. However, despite these positive liquidity indicators, the company has experienced a notable stock price decline over the last week, with a total return of -8.25%.

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In contrast to the recent dip, Blend Labs has displayed a strong return over the past month, with a price total return of 40.61%. This upward trend is also seen over the last three months and six months, with returns of 30.14% and 33.45%, respectively. Over the past year, the company has delivered an impressive 221.93% return to its shareholders. These robust short-term gains suggest that the stock has been responding positively to market or company-specific factors, despite the absence of dividends as Blend Labs does not pay a dividend to shareholders.

For investors interested in further insights and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/BLND, which could provide a deeper understanding of Blend Labs' financial health and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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