NOVATO, CA—On December 23, 2024, Oxana Tkach, the Principal Accounting Officer at Blend Labs, Inc. (NYSE:BLND), sold 4,247 shares of Class A common stock. The shares were sold at an average price of $4.37 each, totaling approximately $18,559. Following this transaction, Tkach retains ownership of 84,430 shares in the company. The sale comes as BLND's stock has seen a 97% surge over the past six months, despite a recent 12.5% decline in the past week. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 3.24 and holds more cash than debt on its balance sheet. The sale was conducted as part of a pre-established Rule 10b5-1 trading plan, which Tkach adopted in May 2024. For deeper insights into insider trading patterns and comprehensive financial analysis, InvestingPro subscribers can access detailed reports covering over 1,400 US stocks, including BLND's complete insider transaction history and financial health metrics.
In other recent news, Blend Labs has been in the spotlight following a series of significant developments. The digital lending technology provider recently disclosed its third quarter earnings for 2024, which included a Remaining Performance Obligations (RPO) of $107.4 million, marking an 82% year-over-year increase. The company expects to recognize about half of this as revenue within the next year.
Blend Labs' financial outlook appears promising despite current earnings showing a loss of $0.34 per share. JMP Securities, which initiated coverage on Blend Labs with a Market Outperform rating, projects revenue growth to accelerate in 2025, with the company on track to reach free cash flow breakeven in the first half of that year.
Blend Labs also received an upbeat outlook from JMP Securities due to several factors, including its advanced mortgage software solution and focus on serving large financial institutions. The company's strong liquidity and substantial cash reserves provide financial flexibility for expansion.
Furthermore, Blend Labs provided guidance for the fourth quarter of 2024, although the company advised that these forward-looking statements carry substantial risks and uncertainties. This is the latest in a series of recent developments for Blend Labs, as the company continues to navigate the financial services landscape.
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