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

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

Insider Activity at Blend Labs

In related news, insider Nima Ghamsari sold 81,700 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $2.99, for a total value of $244,283.00. Following the transaction, the insider now directly owns 34,774 shares of the company’s stock, valued at approximately $103,974.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in shares of Blend Labs by 418.5% in the 1st quarter. Royal Bank of Canada now owns 6,009 shares of the company’s stock worth $34,000 after purchasing an additional 4,850 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter worth $26,000. Quantbot Technologies LP purchased a new stake in shares of Blend Labs in the 1st quarter worth $63,000. Walleye Capital LLC purchased a new stake in shares of Blend Labs in the 2nd quarter worth $28,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Blend Labs in the 3rd quarter worth $28,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Stock Down 4.3 %

Shares of BLND opened at $2.42 on Tuesday. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 34.81. The firm has a fifty day simple moving average of $2.83 and a two-hundred day simple moving average of $2.16. Blend Labs has a 1-year low of $0.53 and a 1-year high of $3.40.

Blend Labs (NYSE:BLND) last posted its quarterly earnings data on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $36.10 million during the quarter, compared to analyst estimates of $37.52 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 118.15%. On average, equities research analysts expect that Blend Labs will post -0.47 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.