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Brian Sheth, a director at Blend Labs , Inc. (NYSE:BLND), recently acquired a significant number of shares in the company. According to a recent SEC filing, Sheth purchased 1,416,037 shares of Blend Labs’ Class A common stock, valued at approximately $4.32 million. The shares were acquired at a weighted average price of $3.0513 per share, with purchase prices ranging from $2.99 to $3.10. With the stock currently trading at $3.32 and analysts setting price targets between $3.50 and $7.00, this insider purchase has drawn attention to the fintech company, which now carries a market capitalization of $866 million.
Following this transaction, Sheth now holds a total of 2,060,925 shares indirectly through various entities related to Haveli Investments, where he holds multiple leadership roles. This transaction underscores Sheth’s continued investment in Blend Labs, a company known for its software solutions in the financial services sector. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 3.47 and holds more cash than debt on its balance sheet. For deeper insights into Blend Labs’ financial health and growth prospects, including 8 additional key ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Blend Labs reported a 15% year-over-year increase in total revenue for the fourth quarter of 2024, reaching $41.4 million, slightly surpassing the forecasted $41.38 million. The company achieved non-GAAP operating profitability of $5.2 million, while free cash flow improved significantly but remained negative at -$7.2 million. Blend Labs also launched new AI-driven financial solutions and reported a 30% year-over-year increase in remaining performance obligations, indicating strong future commitments. The company secured new partnerships, including a top ten U.S. bank, and expanded its product suite with innovations like Rapid Refi and Rapid Home Equity. Canaccord Genuity adjusted its price target for Blend Labs to $5.25, maintaining a Buy rating, while UBS lowered its target to $3.50, holding a Neutral stance. Both analyst firms noted Blend’s strategic developments, including product expansions and new banking partnerships, contributing to their evaluations. These developments reflect Blend Labs’ strategic focus on innovation and expansion in the financial technology sector.
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