Blend Labs, Inc. (NYSE:BLND) Sees Large Decrease in Short Interest

Blend Labs, Inc. (NYSE:BLND) was the target of a large drop in short interest in May. As of May 31st, there was short interest totalling 7,070,000 shares, a drop of 6.4% from the May 15th total of 7,550,000 shares. Currently, 4.1% of the shares of the stock are short sold. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 3.8 days.

Blend Labs Stock Performance

NYSE:BLND opened at $2.34 on Wednesday. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 34.81. The firm has a 50-day moving average price of $2.67 and a two-hundred day moving average price of $2.61. Blend Labs has a twelve month low of $0.85 and a twelve month high of $3.40. The company has a market capitalization of $589.31 million, a P/E ratio of -4.03 and a beta of 1.14.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. The business had revenue of $34.95 million during the quarter, compared to the consensus estimate of $33.94 million. Blend Labs had a negative net margin of 90.62% and a negative return on equity of 595.99%. As a group, research analysts expect that Blend Labs will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BLND shares. The Goldman Sachs Group increased their price target on shares of Blend Labs from $1.60 to $3.10 and gave the company a “buy” rating in a report on Friday, March 15th. Canaccord Genuity Group restated a “hold” rating and set a $3.00 target price on shares of Blend Labs in a report on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $2.65 to $3.00 and gave the company a “market perform” rating in a report on Friday, May 10th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.15.

Insider Activity

In other news, insider Nima Ghamsari sold 81,700 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $2.99, for a total value of $244,283.00. Following the completion of the transaction, the insider now owns 34,774 shares in the company, valued at approximately $103,974.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 545,704 shares of company stock worth $1,510,345 in the last 90 days. 11.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently modified their holdings of the company. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth about $26,000. AMG National Trust Bank purchased a new stake in shares of Blend Labs during the fourth quarter worth about $37,000. Thrive Capital Management LLC acquired a new stake in shares of Blend Labs in the third quarter worth approximately $46,000. Moneta Group Investment Advisors LLC acquired a new stake in shares of Blend Labs in the third quarter worth approximately $52,000. Finally, Berylson Capital Partners LLC acquired a new stake in shares of Blend Labs in the fourth quarter worth approximately $52,000. 52.56% of the stock is currently 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.