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

Blend Labs, Inc. (NYSE:BLND) was the target of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 6,750,000 shares, a decline of 6.8% from the March 15th total of 7,240,000 shares. Currently, 4.3% of the shares of the company are sold short. Based on an average daily trading volume, of 1,780,000 shares, the short-interest ratio is presently 3.8 days.

Insider Transactions at Blend Labs

In other news, insider Nima Ghamsari sold 97,657 shares of Blend Labs stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $2.52, for a total transaction of $246,095.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.83% of the company’s stock.

Institutional Trading of Blend Labs

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Blend Labs by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 9,202,585 shares of the company’s stock worth $23,467,000 after purchasing an additional 61,326 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Blend Labs during the fourth quarter worth about $470,000. EP Wealth Advisors LLC increased its stake in shares of Blend Labs by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 182,003 shares of the company’s stock worth $464,000 after purchasing an additional 11,448 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in Blend Labs during the fourth quarter worth about $60,000. Finally, OLD Mission Capital LLC acquired a new position in Blend Labs during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on BLND shares. Canaccord Genuity Group lifted their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Monday, March 18th. The Goldman Sachs Group raised their target price on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a report on Friday, March 15th. Wells Fargo & Company raised shares of Blend Labs from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $1.50 to $3.50 in a report on Wednesday, December 20th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Blend Labs presently has an average rating of “Hold” and a consensus target price of $3.06.

Blend Labs Trading Down 4.3 %

BLND opened at $2.42 on Tuesday. Blend Labs has a fifty-two week low of $0.53 and a fifty-two week high of $3.40. The company has a quick ratio of 5.38, a current ratio of 5.38 and a debt-to-equity ratio of 34.81. The company has a fifty day moving average of $2.83 and a two-hundred day moving average of $2.16.

Blend Labs (NYSE:BLND) last released its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $36.10 million during the quarter, compared to analysts’ expectations of $37.52 million. Blend Labs had a negative net margin of 118.15% and a negative return on equity of 595.99%. As a group, analysts forecast that Blend Labs will post -0.47 EPS for the current fiscal year.

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.