Short Interest in Blend Labs, Inc. (NYSE:BLND) Expands By 5.8%

Blend Labs, Inc. (NYSE:BLND) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,930,000 shares, an increase of 5.8% from the August 31st total of 13,170,000 shares. Currently, 7.4% of the company’s shares are sold short. Based on an average trading volume of 3,520,000 shares, the short-interest ratio is currently 4.0 days.

Insider Buying and Selling at Blend Labs

In other news, insider Winnie Ling sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $4.06, for a total transaction of $40,600.00. Following the sale, the insider now owns 279,169 shares of the company’s stock, valued at $1,133,426.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 34,303 shares of company stock valued at $124,326. Company insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BLND. Dark Forest Capital Management LP acquired a new position in shares of Blend Labs during the 2nd quarter worth approximately $31,000. Xponance Inc. bought a new position in Blend Labs during the second quarter worth $35,000. Berylson Capital Partners LLC acquired a new position in shares of Blend Labs in the fourth quarter valued at $52,000. Caxton Associates LP bought a new position in shares of Blend Labs in the first quarter valued at about $60,000. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of Blend Labs during the 1st quarter worth about $65,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Price Performance

BLND stock traded down $0.17 during mid-day trading on Tuesday, reaching $3.58. The company had a trading volume of 1,501,931 shares, compared to its average volume of 2,364,688. The company has a market capitalization of $903.51 million, a price-to-earnings ratio of -6.47 and a beta of 1.15. Blend Labs has a 52 week low of $1.14 and a 52 week high of $4.25. The stock has a 50 day simple moving average of $3.50 and a two-hundred day simple moving average of $2.99.

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

Wall Street Analysts Forecast Growth

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

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.