Blend Labs, Inc. (NYSE:BLND) Short Interest Update

Blend Labs, Inc. (NYSE:BLND - Get Free Report) was the recipient of a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 7,830,000 shares, a decline 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 short-interest ratio is currently 2.3 days. Currently, 3.9% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BLND shares. JMP Securities restated a "market outperform" rating and issued a $7.00 target price on shares of Blend Labs in a report on Wednesday, May 28th. Canaccord Genuity Group reiterated a "buy" rating and set a $5.25 price objective on shares of Blend Labs in a research report on Monday, May 12th. Keefe, Bruyette & Woods increased their target price on Blend Labs from $3.50 to $4.00 and gave the company a "market perform" rating in a report on Monday, May 19th. UBS Group cut their price target on Blend Labs from $4.00 to $3.50 and set a "neutral" rating for the company in a research note on Friday, February 28th. Finally, The Goldman Sachs Group lowered their price objective on shares of Blend Labs from $5.60 to $4.80 and set a "buy" rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $4.90.

Blend Labs Price Performance

Shares of BLND stock traded up $0.02 during trading hours on Thursday, reaching $3.72. 1,323,310 shares of the company traded hands, compared to its average volume of 3,147,062. Blend Labs has a 12-month low of $2.08 and a 12-month high of $5.53. The company has a market cap of $964.64 million, a P/E ratio of -10.93 and a beta of 1.30. The firm has a 50-day moving average price of $3.38 and a 200 day moving average price of $3.83.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BLND. Revolve Wealth Partners LLC purchased a new stake in Blend Labs in the 4th quarter worth $132,000. Caprock Group LLC grew its position in shares of Blend Labs by 142.5% during the fourth quarter. Caprock Group LLC now owns 75,032 shares of the company's stock worth $316,000 after purchasing an additional 44,096 shares in the last quarter. Calamos Advisors LLC raised its stake in Blend Labs by 3.6% during the 4th quarter. Calamos Advisors LLC now owns 299,995 shares of the company's stock valued at $1,263,000 after purchasing an additional 10,366 shares during the period. Summit Trail Advisors LLC raised its stake in Blend Labs by 38.1% during the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company's stock valued at $76,000 after purchasing an additional 4,953 shares during the period. Finally, Quadrant Private Wealth Management LLC purchased a new position in Blend Labs in the 4th quarter worth approximately $320,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

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.