Blend Labs, Inc. (NYSE:BLND) Short Interest Down 6.8% in October

Blend Labs, Inc. (NYSE:BLND) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 14,750,000 shares, a drop of 6.8% from the September 30th total of 15,830,000 shares. Based on an average daily trading volume, of 2,890,000 shares, the short-interest ratio is presently 5.1 days. Currently, 7.8% of the company’s shares are sold short.

Blend Labs Stock Performance

BLND traded down $0.01 on Friday, hitting $3.62. 191,447 shares of the company were exchanged, compared to its average volume of 2,253,267. The stock’s fifty day moving average is $3.64 and its 200-day moving average is $3.08. The company has a market cap of $920.35 million, a PE ratio of -7.57 and a beta of 1.15. Blend Labs has a 12 month low of $1.16 and a 12 month high of $4.25.

Blend Labs (NYSE:BLND) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $40.48 million during the quarter, compared to analyst estimates of $39.50 million. As a group, equities research analysts expect that Blend Labs will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Blend Labs

In related news, insider Winnie Ling sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $4.06, for a total value of $40,600.00. Following the transaction, the insider now owns 279,169 shares in the company, valued at $1,133,426.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 54,303 shares of company stock worth $192,926. Insiders own 13.21% of the company’s stock.

Institutional Investors Weigh In On Blend Labs

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Blend Labs by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,249,111 shares of the company’s stock worth $30,060,000 after purchasing an additional 46,526 shares during the period. ShawSpring Partners LLC boosted its stake in Blend Labs by 58.7% in the 2nd quarter. ShawSpring Partners LLC now owns 6,716,144 shares of the company’s stock valued at $15,850,000 after purchasing an additional 2,485,283 shares during the period. Principal Financial Group Inc. increased its position in Blend Labs by 697.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after buying an additional 2,390,337 shares during the period. Acadian Asset Management LLC boosted its position in shares of Blend Labs by 8.6% in the second quarter. Acadian Asset Management LLC now owns 780,274 shares of the company’s stock valued at $1,840,000 after acquiring an additional 62,000 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Blend Labs by 3,799.4% during the second quarter. Bank of New York Mellon Corp now owns 654,897 shares of the company’s stock worth $1,546,000 after acquiring an additional 638,102 shares during the period. 52.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BLND has been the topic of several analyst reports. The Goldman Sachs Group increased their price objective 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. William Blair raised Blend Labs from a “market perform” rating to an “outperform” rating in a research note on Friday, August 9th. Canaccord Genuity Group raised Blend Labs from a “hold” rating to a “buy” rating and increased their target price for the company from $3.00 to $4.75 in a research note on Monday, August 12th. Canaccord Genuity Group upgraded Blend Labs from a “hold” rating to a “buy” rating and boosted their target price for the stock from $3.00 to $4.75 in a research report on Monday, August 12th. Finally, Keefe, Bruyette & Woods upped their price target on Blend Labs from $3.00 to $3.25 and gave the company a “market perform” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.94.

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.