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

Blend Labs, Inc. (NYSE:BLND) saw a significant decline in short interest in 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. Based on an average daily 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 short sold.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BLND shares. Keefe, Bruyette & Woods raised their target price on Blend Labs from $1.85 to $2.65 and gave the company a “market perform” rating in a research report on Monday, March 18th. Canaccord Genuity Group upped their target price on shares of Blend Labs from $2.00 to $3.00 and gave the stock a “hold” rating in a report on Monday, March 18th. The Goldman Sachs Group raised their price target on shares of Blend Labs from $1.60 to $3.10 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Wells Fargo & Company raised shares of Blend Labs from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $1.50 to $3.50 in a research note on Wednesday, December 20th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target 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 that occurred on Friday, March 22nd. The stock was sold at an average price of $2.99, for a total transaction of $244,283.00. Following the transaction, the insider now owns 34,774 shares in the company, valued at $103,974.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Blend Labs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its holdings in shares of Blend Labs by 327,281.9% in the 3rd quarter. Citigroup Inc. now owns 379,763 shares of the company’s stock worth $520,000 after acquiring an additional 379,647 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Blend Labs in the third quarter valued at $234,000. Thrive Capital Management LLC acquired a new stake in shares of Blend Labs in the third quarter valued at $46,000. Kingsview Wealth Management LLC raised its holdings in shares of Blend Labs by 36.1% in the 3rd quarter. Kingsview Wealth Management LLC now owns 95,245 shares of the company’s stock valued at $130,000 after buying an additional 25,245 shares during the period. Finally, Moneta Group Investment Advisors LLC acquired a new position in Blend Labs during the 3rd quarter worth about $52,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Blend Labs Trading Up 1.3 %

Shares of BLND stock opened at $2.41 on Thursday. 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 has a twelve month low of $0.53 and a twelve month high of $3.40. The company’s 50-day moving average price is $2.82 and its 200-day moving average price is $2.17. The stock has a market cap of $607.44 million, a price-to-earnings ratio of -3.13 and a beta of 1.00.

Blend Labs (NYSE:BLND) last issued its earnings results on Friday, March 15th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $37.52 million. As a group, equities analysts predict that Blend Labs will post -0.47 earnings per share for the current year.

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.