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

Blend Labs, Inc. (NYSE:BLND) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 13,930,000 shares, a growth of 5.8% from the August 31st total of 13,170,000 shares. Approximately 7.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,520,000 shares, the days-to-cover ratio is currently 4.0 days.

Blend Labs Price Performance

Shares of BLND stock traded down $0.17 on Tuesday, reaching $3.58. 1,501,931 shares of the stock were exchanged, compared to its average volume of 2,364,688. Blend Labs has a one year low of $1.14 and a one year high of $4.25. The stock has a market cap of $903.51 million, a PE ratio of -6.47 and a beta of 1.15. The stock has a 50 day moving average price of $3.50 and a 200 day moving average price of $2.99.

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, topping the consensus estimate 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 firm had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $39.50 million. On average, research analysts expect that Blend Labs will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 279,169 shares in the company, valued at $1,133,426.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 34,303 shares of company stock worth $124,326 in the last 90 days. 11.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dark Forest Capital Management LP acquired a new position in Blend Labs in the second quarter valued at about $31,000. Xponance Inc. acquired a new stake in shares of Blend Labs in the 2nd quarter valued at approximately $35,000. Berylson Capital Partners LLC bought a new position in Blend Labs during the 4th quarter worth approximately $52,000. Caxton Associates LP acquired a new position in Blend Labs during the first quarter valued at approximately $60,000. Finally, Cannon Global Investment Management LLC bought a new stake in Blend Labs in the first quarter valued at approximately $65,000. 52.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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