Blend Labs, Inc. (NYSE:BLND) Short Interest Down 6.8% in March

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

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 81,700 shares of Blend Labs stock in a transaction 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 sale, the insider now owns 34,774 shares of the company’s stock, valued at $103,974.26. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.83% of the stock is owned by corporate insiders.

Institutional Trading of Blend Labs

Several large investors have recently added to or reduced their stakes in BLND. JPL Wealth Management LLC acquired a new stake in shares of Blend Labs in the fourth quarter valued at about $26,000. Walleye Capital LLC acquired a new stake in Blend Labs in the second quarter valued at approximately $28,000. Hsbc Holdings PLC acquired a new stake in Blend Labs in the third quarter valued at approximately $28,000. Centiva Capital LP purchased a new stake in shares of Blend Labs during the fourth quarter valued at approximately $28,000. Finally, CI Private Wealth LLC acquired a new position in shares of Blend Labs during the fourth quarter worth $32,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Blend Labs Stock Up 1.3 %

BLND opened at $2.41 on Thursday. Blend Labs has a 1 year low of $0.53 and a 1 year high of $3.40. The firm has a 50 day moving average price of $2.82 and a 200 day moving average price of $2.17. The company has a debt-to-equity ratio of 34.81, a quick ratio of 5.38 and a current ratio of 5.38. The company has a market cap of $607.44 million, a PE ratio of -3.13 and a beta of 1.00.

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

Wall Street Analyst Weigh In

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

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.