Blend Labs, Inc. (NYSE:BLND) Sees Large Drop in Short Interest

Blend Labs, Inc. (NYSE:BLND - Get Free Report) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totalling 7,830,000 shares, a drop of 16.0% from the April 30th total of 9,320,000 shares. Based on an average daily volume of 3,430,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 3.9% of the company's shares are sold short.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in Blend Labs by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 189,417 shares of the company's stock worth $797,000 after purchasing an additional 3,049 shares in the last quarter. Arizona State Retirement System increased its holdings in Blend Labs by 6.1% in the first quarter. Arizona State Retirement System now owns 61,485 shares of the company's stock worth $206,000 after purchasing an additional 3,559 shares in the last quarter. PFG Advisors increased its holdings in Blend Labs by 6.3% in the fourth quarter. PFG Advisors now owns 67,762 shares of the company's stock worth $285,000 after purchasing an additional 3,986 shares in the last quarter. Summit Trail Advisors LLC increased its holdings in Blend Labs by 38.1% in the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock worth $76,000 after purchasing an additional 4,953 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Blend Labs by 0.5% in the first quarter. Deutsche Bank AG now owns 1,209,057 shares of the company's stock worth $4,050,000 after purchasing an additional 5,546 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Blend Labs Trading Up 0.8%

BLND stock traded up $0.03 during mid-day trading on Friday, reaching $3.75. The company's stock had a trading volume of 1,605,850 shares, compared to its average volume of 3,006,628. The company has a market cap of $973.73 million, a price-to-earnings ratio of -11.03 and a beta of 1.30. The business's 50 day moving average price is $3.39 and its 200 day moving average price is $3.82. Blend Labs has a 12 month low of $2.08 and a 12 month high of $5.53.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. The Goldman Sachs Group cut their price target on Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a research note on Monday, May 12th. UBS Group cut their price objective on Blend Labs from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Wells Fargo & Company cut their price objective on Blend Labs from $6.00 to $5.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods lifted their price objective on Blend Labs from $3.50 to $4.00 and gave the stock a "market perform" rating in a research note on Monday, May 19th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.25 price objective on shares of Blend Labs in a research note on Monday, May 12th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Blend Labs presently has an average rating of "Moderate Buy" and an average target price of $4.90.

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.