Blend Labs, Inc. (NYSE:BLND) Short Interest Up 5.8% in September

Blend Labs, Inc. (NYSE:BLND) was the recipient of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 13,930,000 shares, a growth of 5.8% from the August 31st total of 13,170,000 shares. Currently, 7.4% of the company’s shares are sold short. Based on an average trading volume of 3,520,000 shares, the days-to-cover ratio is presently 4.0 days.

Insider Buying and Selling at Blend Labs

In other Blend Labs news, insider Winnie Ling sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the completion of the sale, the insider now owns 279,169 shares in the company, valued at approximately $1,133,426.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders have sold 34,303 shares of company stock worth $124,326. 11.83% of the stock is currently owned by company insiders.

Institutional Trading of Blend Labs

Institutional investors and hedge funds have recently modified their holdings of the business. Dark Forest Capital Management LP bought a new stake in shares of Blend Labs in the 2nd quarter worth $31,000. Xponance Inc. bought a new stake in shares of Blend Labs in the 2nd quarter worth $35,000. Caxton Associates LP bought a new stake in shares of Blend Labs in the 1st quarter worth $60,000. Cannon Global Investment Management LLC purchased a new position in shares of Blend Labs in the 1st quarter worth $65,000. Finally, Berylson Capital Partners LLC purchased a new position in shares of Blend Labs in the 4th quarter worth $52,000. Institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BLND. William Blair upgraded shares of Blend Labs from a “market perform” rating to an “outperform” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods lifted their price target on shares of Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a report on Monday, August 12th. The Goldman Sachs Group lifted their price target on shares of Blend Labs from $3.00 to $3.40 and gave the company a “buy” rating in a report on Friday, August 9th. Canaccord Genuity Group upgraded shares of Blend Labs from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.00 to $4.75 in a report on Monday, August 12th. Finally, Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and lifted their price objective for the company from $3.00 to $4.75 in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.93.

Blend Labs Stock Performance

Shares of Blend Labs stock traded down $0.17 during midday trading on Tuesday, hitting $3.58. The company had a trading volume of 1,501,931 shares, compared to its average volume of 2,364,688. The stock has a market capitalization of $903.51 million, a P/E ratio of -6.17 and a beta of 1.15. The company has a 50 day moving average of $3.50 and a 200 day moving average of $3.00. Blend Labs has a 52-week low of $1.14 and a 52-week high of $4.25.

Blend Labs (NYSE:BLND) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million for the quarter, compared to the consensus estimate of $39.50 million. Blend Labs had a negative return on equity of 595.99% and a negative net margin of 77.63%. Equities research analysts forecast that Blend Labs will post -0.27 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.