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

Blend Labs, Inc. (NYSE:BLND - Get Free Report) was the target of a significant decline in short interest during the month of 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. Approximately 4.3% of the company's stock are short sold. Based on an average daily volume of 1,780,000 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of Blend Labs from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $1.50 to $3.50 in a research report on Wednesday, December 20th. Canaccord Genuity Group upped their price objective on shares of Blend Labs from $2.00 to $3.00 and gave the stock a "hold" rating in a research report on Monday, March 18th. Keefe, Bruyette & Woods upped their price objective on shares of Blend Labs from $1.85 to $2.65 and gave the stock a "market perform" rating in a research report on Monday, March 18th. Finally, The Goldman Sachs Group boosted their target price 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. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $3.06.

Blend Labs Price Performance

NYSE BLND traded down $0.04 during trading hours on Tuesday, hitting $2.38. 2,079,677 shares of the company's stock traded hands, compared to its average volume of 1,763,739. Blend Labs has a 52-week low of $0.53 and a 52-week high of $3.40. The company has a market capitalization of $599.88 million, a PE ratio of -3.09 and a beta of 1.00. The company has a debt-to-equity ratio of 34.81, a current ratio of 5.38 and a quick ratio of 5.38. The firm's 50-day moving average is $2.83 and its 200-day moving average is $2.17.

Blend Labs (NYSE:BLND - Get Free Report) last posted its earnings results on Friday, March 15th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $37.52 million. Equities analysts forecast that Blend Labs will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nima Ghamsari sold 81,700 shares of Blend Labs stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $2.99, for a total transaction of $244,283.00. Following the completion of the sale, the insider now directly owns 34,774 shares in the company, valued at $103,974.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 11.83% of the company's stock.

Institutional Investors Weigh In On Blend Labs

A number of hedge funds have recently added to or reduced their stakes in BLND. Victory Capital Management Inc. increased its position in shares of Blend Labs by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,812 shares of the company's stock valued at $61,000 after purchasing an additional 4,633 shares during the last quarter. Royal Bank of Canada increased its position in shares of Blend Labs by 418.5% in the 1st quarter. Royal Bank of Canada now owns 6,009 shares of the company's stock valued at $34,000 after purchasing an additional 4,850 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Blend Labs by 9.7% in the 4th quarter. JPMorgan Chase & Co. now owns 110,861 shares of the company's stock valued at $159,000 after purchasing an additional 9,764 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Blend Labs in the 4th quarter valued at approximately $26,000. Finally, First Republic Investment Management Inc. increased its position in shares of Blend Labs by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 267,130 shares of the company's stock valued at $1,523,000 after purchasing an additional 10,731 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.