Short Interest in Blend Labs, Inc. (NYSE:BLND) Drops By 6.4%

Blend Labs, Inc. (NYSE:BLNDGet Free Report) was the recipient of a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 7,070,000 shares, a decrease of 6.4% from the May 15th total of 7,550,000 shares. Currently, 4.1% of the shares of the stock are sold short. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is currently 3.8 days.

Insider Transactions at Blend Labs

In other news, insider Nima Ghamsari sold 81,434 shares of Blend Labs stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.93, for a total transaction of $238,601.62. Following the completion of the sale, the insider now owns 2,103,516 shares in the company, valued at approximately $6,163,301.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 545,704 shares of company stock valued at $1,510,345. 11.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blend Labs

A number of institutional investors and hedge funds have recently made changes to their positions in BLND. Formation8 GP LLC purchased a new position in shares of Blend Labs in the 4th quarter worth about $41,362,000. Acadian Asset Management LLC lifted its position in Blend Labs by 2,656.9% in the 1st quarter. Acadian Asset Management LLC now owns 718,274 shares of the company’s stock valued at $2,332,000 after acquiring an additional 692,220 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in Blend Labs in the 1st quarter valued at approximately $1,538,000. Citigroup Inc. lifted its position in Blend Labs by 327,281.9% in the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock valued at $520,000 after acquiring an additional 379,647 shares in the last quarter. Finally, G2 Investment Partners Management LLC bought a new position in Blend Labs in the 4th quarter valued at approximately $956,000. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Blend Labs from $2.65 to $3.00 and gave the stock a “market perform” rating in a report on Friday, May 10th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $3.00 price target on shares of Blend Labs in a research note on Wednesday, May 8th. 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 research 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, the stock currently has an average rating of “Hold” and a consensus price target of $3.15.

Check Out Our Latest Stock Analysis on BLND

Blend Labs Trading Down 0.8 %

Shares of BLND stock traded down $0.02 during mid-day trading on Tuesday, reaching $2.35. The stock had a trading volume of 237,680 shares, compared to its average volume of 1,717,785. The company has a current ratio of 3.75, a quick ratio of 3.75 and a debt-to-equity ratio of 34.81. The stock’s 50-day moving average price is $2.67 and its two-hundred day moving average price is $2.61. The firm has a market capitalization of $593.09 million, a PE ratio of -4.08 and a beta of 1.14. Blend Labs has a 52-week low of $0.85 and a 52-week high of $3.40.

Blend Labs (NYSE:BLNDGet Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 90.62%. The business had revenue of $34.95 million during the quarter, compared to the consensus estimate of $33.94 million. Equities analysts expect that Blend Labs will post -0.38 earnings per share for the current fiscal year.

About Blend Labs

(Get Free Report)

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.

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