Brian Kneafsey, Head of Revenue at Blend Labs, Inc. (NYSE:BLND), a fintech company with a market capitalization of approximately $961 million, recently sold 30,000 shares of the company’s Class A common stock. According to InvestingPro data, the stock has experienced significant volatility, declining 11.4% in the past week. The shares were sold at a weighted average price of $3.7273, with the sale price ranging from $3.675 to $3.79 per share. This transaction, conducted on January 7, 2025, was executed under a Rule 10b5-1 trading plan that Kneafsey adopted on September 12, 2024. Following the sale, Kneafsey retains direct ownership of 866,759 shares in the company. InvestingPro analysis shows the company maintains a strong balance sheet with more cash than debt, and its RSI indicates oversold conditions. Get access to 8 additional ProTips and comprehensive insider trading analysis with InvestingPro’s detailed research reports.
"In other recent news, Blend Labs reported its third quarter earnings for 2024, with a notable 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 twelve months. Despite current earnings reflecting a loss of $0.34 per share, JMP Securities projects revenue growth for Blend Labs to accelerate in 2025, with the company anticipated to reach free cash flow breakeven in the first half of 2025. Furthermore, Blend Labs has been assigned a Market Outperform rating by JMP Securities, indicating a positive outlook. The firm’s analysis points to the company’s advanced mortgage software solution and focus on serving large financial institutions as key strengths. Blend Labs also provided guidance for the fourth quarter of 2024, while underlining the potential risks and uncertainties associated with these forward-looking statements. These are the recent developments for Blend Labs."
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