Short Interest in Blend Labs, Inc. (NYSE:BLND) Decreases By 6.8%

Blend Labs, Inc. (NYSE:BLND) saw a significant 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. Based on an average trading volume of 1,780,000 shares, the short-interest ratio is currently 3.8 days. Currently, 4.3% of the shares of the company are sold short.

Blend Labs Stock Performance

Shares of NYSE:BLND traded down $0.04 during trading on Wednesday, hitting $2.38. 2,080,130 shares of the company were exchanged, compared to its average volume of 1,524,424. The stock has a 50 day moving average of $2.83 and a 200 day moving average of $2.17. Blend Labs has a 52-week low of $0.53 and a 52-week high of $3.40. The company has a current ratio of 5.38, a quick ratio of 5.38 and a debt-to-equity ratio of 34.81.

Blend Labs (NYSE:BLND) last posted its earnings results on Friday, March 15th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $36.10 million for the quarter, compared to the consensus estimate 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 anticipate that Blend Labs will post -0.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity

In other 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 completion of the transaction, the insider now directly owns 34,774 shares of the company’s stock, valued at $103,974.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Several institutional investors have recently made changes to their positions in BLND. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs during the fourth quarter worth $26,000. Walleye Capital LLC purchased a new stake in shares of Blend Labs in the second quarter worth $28,000. Hsbc Holdings PLC purchased a new stake in shares of Blend Labs in the third quarter worth $28,000. Centiva Capital LP purchased a new stake in shares of Blend Labs in the fourth quarter worth $28,000. Finally, CI Private Wealth LLC purchased a new stake in shares of Blend Labs in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.