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

Blend Labs, Inc. (NYSE: BLND – Get a rating) was the target of a significant decline in short-term interest in May. As of May 15, there was short interest totaling 14,420,000 shares, down 17.5% from the April 30 total of 17,470,000 shares. Currently, 10.1% of the stock’s shares are sold short. Based on an average daily volume of 2,630,000 shares, the day-to-cover ratio is currently 5.5 days.

In other Blend Labs news, Chairman Timothy J. Mayopoulos sold 32,298 shares of Blend Labs in a trade that took place on Friday, May 20. The shares were sold at an average price of $3.31, for a total transaction of $106,906.38. Following the transaction, the president now directly owns 661,071 shares of the company, valued at $2,188,145.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. Also, insider crystal sumner sold 20,289 shares of Blend Labs in a trade that took place on Friday, May 20. The stock was sold at an average price of $3.31, for a total transaction of $67,156.59. Following the transaction, the insider now directly owns 654,749 shares of the company, valued at $2,167,219.19. Disclosure of this sale can be found here. Insiders sold 54,670 shares of the company worth $188,311 in the past ninety days.

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Institutional investors and hedge funds have recently been buying and selling shares of the company. Royal Bank of Canada bought a new position in Blend Labs in Q3 worth around $32,000. CTC Capital Management LLC bought a new position in Blend Labs in Q1 worth around $60,000. Quantbot Technologies LP bought a new position in Blend Labs in Q1 worth approximately $63,000. Sciencast Management LP bought a new position in Blend Labs in Q1 worth approximately $64,000. Finally, Solstein Capital LLC purchased a new equity stake in Blend Labs during Q1 worth approximately $68,000. 52.80% of the shares are held by hedge funds and other institutional investors.

Several brokerages have recently published reports on BLND. William Blair downgraded shares of Blend Labs from an “outperforming” rating to a “market performing” rating in a Monday, April 4, report. Zacks Investment Research cut Blend Labs shares from a “buy” rating to a “hold” rating in a report on Tuesday, May 17. Keefe, Bruyette & Woods began covering Blend Labs shares in a Monday, February 14, report. They issued a “market performance” rating and a target price of $11.75 on the stock. KeyCorp cut its target price on Blend Labs shares from $10.00 to $6.00 and set an “overweight” rating on the stock in a Friday, April 1, report. Finally, Canaccord Genuity Group cut Blend Labs shares from a “buy” rating to a “hold” rating and lowered its price target for the company from $28.00 to $5.00 in a Friday report. April 1st. Ten equity research analysts gave the stock a hold rating and three gave the stock a buy rating. Based on data from MarketBeat.com, Blend Labs currently has an average rating of “Hold” and an average target price of $9.02.

Shares of BLND opened at $3.37 on Tuesday. Blend Labs has a 12 month minimum of $2.72 and a 12 month maximum of $21.04. The stock has a market capitalization of $741.33 million and a PE ratio of -3.30. The company has a current ratio of 10.38, a quick ratio of 10.38 and a debt ratio of 0.30. The company’s fifty-day moving average price is $4.46 and its 200-day moving average price is $7.07.

Blend Labs (NYSE:BLND- Get a rating) last announced its results on Thursday, May 12. The company reported ($0.29) EPS for the quarter, missing analyst consensus estimates of ($0.22) by ($0.07). The company posted revenue of $71.52 million for the quarter, versus a consensus estimate of $64.38 million. Blend Labs had a negative net margin of 79.46% and a negative return on equity of 44.18%. On average, sell-side analysts expect Blend Labs to post -0.89 earnings per share for the current fiscal year.

Blend Labs Company Profile (Get a rating)

Blend Labs, Inc provides cloud-based software platform solutions for financial services companies in the United States. It operates in two segments, Blend Platform and Title365. The company offers a range of white label products for mortgages, home equity loans and lines of credit, auto loans, personal loans, credit cards and deposit accounts.

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