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

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Canaccord Genuity Group raised shares of Blend Labs from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.00 to $4.75 in a research note on Monday, August 12th. Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $3.00 to $3.25 and gave the stock a “market perform” rating in a research note on Monday, August 12th. The Goldman Sachs Group lifted their price target on Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a research note on Friday, August 9th. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research report on Friday, August 9th. Finally, Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and lifted their target price for the company from $3.00 to $4.75 in a research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Trading Up 6.4 %

Shares of BLND traded up $0.24 during mid-day trading on Tuesday, reaching $3.98. The company’s stock had a trading volume of 3,814,609 shares, compared to its average volume of 2,330,119. Blend Labs has a 1-year low of $1.10 and a 1-year high of $4.22. The business has a 50-day simple moving average of $3.32 and a two-hundred day simple moving average of $2.92. The stock has a market cap of $1.00 billion, a P/E ratio of -6.86 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 for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to analyst estimates of $39.50 million. Blend Labs had a negative net margin of 77.63% and a negative return on equity of 595.99%. Research analysts anticipate that Blend Labs will post -0.27 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Blend Labs

Institutional investors have recently modified their holdings of the business. Truist Financial Corp acquired a new stake in shares of Blend Labs in the fourth quarter valued at approximately $255,000. Victory Capital Management Inc. lifted its position in shares of Blend Labs by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company’s stock valued at $61,000 after acquiring an additional 4,633 shares during the period. Jump Financial LLC acquired a new stake in shares of Blend Labs during the 4th quarter worth $132,000. AMG National Trust Bank bought a new position in shares of Blend Labs in the fourth quarter worth $37,000. Finally, JPL Wealth Management LLC acquired a new position in Blend Labs in the fourth quarter valued at about $26,000. Institutional investors own 52.56% of the company’s stock.

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.