Blend Labs, Inc. (NYSE:BLND) Short Interest Down 6.8% in October

Blend Labs, Inc. (NYSE:BLND) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 14,750,000 shares, a decline of 6.8% from the September 30th total of 15,830,000 shares. Approximately 7.8% of the shares of the company are sold short. Based on an average trading volume of 2,890,000 shares, the short-interest ratio is presently 5.1 days.

Blend Labs Trading Up 0.3 %

Shares of Blend Labs stock opened at $3.48 on Thursday. The company has a 50-day moving average of $3.64 and a two-hundred day moving average of $3.08. Blend Labs has a 12-month low of $1.16 and a 12-month high of $4.25. The stock has a market cap of $884.77 million, a PE ratio of -7.10 and a beta of 1.15.

Blend Labs (NYSE:BLND) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm had revenue of $40.48 million for the quarter, compared to analyst estimates of $39.50 million. On average, sell-side analysts forecast that Blend Labs will post -0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BLND. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. The Goldman Sachs Group lifted their target price on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and increased their price target for the stock from $3.00 to $4.75 in a report on Monday, August 12th. UBS Group lifted their price objective on Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Finally, William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.94.

Insider Activity at Blend Labs

In other Blend Labs 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 transaction, the insider now owns 279,169 shares of the company’s stock, valued at approximately $1,133,426.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 54,303 shares of company stock valued at $192,926 over the last ninety days. Insiders own 13.21% of the company’s stock.

Hedge Funds Weigh In On Blend Labs

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Blend Labs in the third quarter valued at approximately $660,000. Principal Financial Group Inc. acquired a new stake in Blend Labs during the 2nd quarter valued at $809,000. ShawSpring Partners LLC increased its position in Blend Labs by 58.7% during the second quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock worth $15,850,000 after buying an additional 2,485,283 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Blend Labs during the first quarter worth $94,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Blend Labs by 2,656.9% in the first quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock worth $2,332,000 after acquiring an additional 692,220 shares during the last quarter. 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.