Blend Labs, Inc. (NYSE:BLND) Short Interest Update

Blend Labs, Inc. (NYSE:BLND) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 13,170,000 shares, a decline of 9.5% from the August 15th total of 14,550,000 shares. Based on an average daily trading volume, of 3,270,000 shares, the short-interest ratio is currently 4.0 days. Approximately 7.0% of the company’s shares are short sold.

Blend Labs Trading Down 1.9 %

Blend Labs stock traded down $0.08 during midday trading on Wednesday, hitting $3.91. The stock had a trading volume of 3,999,953 shares, compared to its average volume of 2,336,413. The business has a fifty day moving average price of $3.32 and a 200 day moving average price of $2.92. Blend Labs has a 12 month low of $1.10 and a 12 month high of $4.22. The stock has a market cap of $985.54 million, a P/E ratio of -6.74 and a beta of 1.15.

Blend Labs (NYSE:BLND) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. The business had revenue of $40.48 million during the quarter, compared to the consensus estimate of $39.50 million. On average, equities analysts anticipate that Blend Labs will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BLND shares. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. The Goldman Sachs Group boosted their price target on Blend Labs from $3.00 to $3.40 and gave the stock a “buy” rating in a research note on Friday, August 9th. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and upped their target price for the company from $3.00 to $4.75 in a research report on Monday, August 12th. Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research note on Monday, August 12th. Finally, Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and lifted their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Insider Activity

In other news, insider Winnie Ling sold 20,000 shares of Blend Labs stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $3.33, for a total value of $66,600.00. Following the completion of the sale, the insider now owns 286,416 shares of the company’s stock, valued at $953,765.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 11.83% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors and hedge funds have recently modified their holdings of BLND. G2 Investment Partners Management LLC bought a new stake in shares of Blend Labs in the 4th quarter worth approximately $956,000. Truist Financial Corp bought a new stake in Blend Labs in the fourth quarter valued at $255,000. Principal Financial Group Inc. acquired a new position in shares of Blend Labs during the second quarter valued at $809,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Blend Labs during the first quarter valued at $94,000. Finally, Jump Financial LLC bought a new position in shares of Blend Labs during the fourth quarter worth about $132,000. 52.56% of the stock is owned by institutional investors and hedge funds.

About Blend Labs

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.