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

Blend Labs, Inc. (NYSE:BLND) was the recipient of a significant decrease in short interest in the month of 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 daily trading volume, of 1,780,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 4.3% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of research firms have recently commented on BLND. Keefe, Bruyette & Woods raised their price target on Blend Labs from $1.85 to $2.65 and gave the stock a “market perform” rating in a research report on Monday, March 18th. Canaccord Genuity Group raised their price target on Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a research report on Monday, March 18th. The Goldman Sachs Group raised their price target on Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Wells Fargo & Company raised Blend Labs from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $1.50 to $3.50 in a research report on Wednesday, December 20th. 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.com, Blend Labs has an average rating of “Hold” and an average target price of $3.06.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Nima Ghamsari sold 81,700 shares of the stock in a transaction dated 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 owns 34,774 shares of the company’s stock, valued at $103,974.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 11.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BLND. JPMorgan Chase & Co. grew its stake in Blend Labs by 3,104.7% in the first quarter. JPMorgan Chase & Co. now owns 1,774,979 shares of the company’s stock valued at $10,117,000 after purchasing an additional 1,719,592 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Blend Labs in the first quarter valued at approximately $6,897,000. BlackRock Inc. lifted its position in shares of Blend Labs by 195.9% in the first quarter. BlackRock Inc. now owns 1,169,796 shares of the company’s stock valued at $6,667,000 after buying an additional 774,425 shares during the last quarter. Blair William & Co. IL lifted its position in shares of Blend Labs by 52.0% in the first quarter. Blair William & Co. IL now owns 126,251 shares of the company’s stock valued at $720,000 after buying an additional 43,202 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Blend Labs by 1,862.4% in the first quarter. Vanguard Group Inc. now owns 11,117,426 shares of the company’s stock valued at $63,369,000 after buying an additional 10,550,895 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Price Performance

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

Blend Labs (NYSE:BLND) last posted its quarterly earnings data on Friday, March 15th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $36.10 million during 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, analysts predict that Blend Labs will post -0.47 EPS for the current 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.