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

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

Insider Activity

In related news, insider Winnie Ling sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the transaction, the insider now owns 279,169 shares of the company’s stock, valued at $1,133,426.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 54,303 shares of company stock valued at $192,926. 13.21% of the stock is currently owned by insiders.

Institutional Trading of Blend Labs

Hedge funds have recently modified their holdings of the company. ShawSpring Partners LLC increased its stake in shares of Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after buying an additional 2,485,283 shares during the period. Principal Financial Group Inc. increased its position in Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the last quarter. Acadian Asset Management LLC grew its position 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 valued at $2,332,000 after purchasing an additional 692,220 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Blend Labs by 3,799.4% in the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock valued at $1,546,000 after purchasing an additional 638,102 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new stake in Blend Labs during the third quarter worth approximately $1,803,000. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. The Goldman Sachs Group increased 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. Keefe, Bruyette & Woods lifted their price target on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research report on Monday, August 12th. Canaccord Genuity Group upgraded shares of 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 report on Monday, August 12th. UBS Group boosted their price target on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Finally, Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.00 to $4.75 in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Blend Labs presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.94.

Blend Labs Price Performance

Shares of BLND opened at $3.63 on Friday. The business’s 50 day moving average is $3.64 and its two-hundred day moving average is $3.09. Blend Labs has a 52-week low of $1.16 and a 52-week high of $4.25. The firm has a market cap of $921.62 million, a price-to-earnings ratio of -7.40 and a beta of 1.15.

Blend Labs (NYSE:BLND) last announced 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 firm had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. On average, equities analysts expect that Blend Labs will post -0.27 earnings per share for the current fiscal year.

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.