Blend Labs, Inc. (NYSE:BLND – Get Rating) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 14,370,000 shares, an increase of 8.6% from the August 15th total of 13,230,000 shares. Approximately 9.9% of the shares of the company are sold short. Based on an average daily trading volume, of 2,080,000 shares, the days-to-cover ratio is presently 6.9 days.
Wall Street Analyst Weigh In
A number of research firms recently commented on BLND. Keefe, Bruyette & Woods reaffirmed a “downgrade” rating on shares of Blend Labs in a research report on Monday, July 25th. Canaccord Genuity Group lowered their price target on shares of Blend Labs from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Friday, August 19th. Piper Sandler raised their price target on shares of Blend Labs from $2.50 to $3.20 and gave the stock a “neutral” rating in a research report on Tuesday, August 16th. Canaccord Genuity Group lowered their price target on shares of Blend Labs from $5.00 to $4.00 in a research report on Friday, August 19th. Finally, Compass Point began coverage on shares of Blend Labs in a research report on Wednesday, May 25th. They set a “neutral” rating and a $4.20 price target on the stock. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $4.63.
Blend Labs Price Performance
BLND stock traded down $0.13 during mid-day trading on Monday, hitting $2.60. The stock had a trading volume of 2,300,213 shares, compared to its average volume of 2,352,938. The company has a current ratio of 10.49, a quick ratio of 10.49 and a debt-to-equity ratio of 0.77. Blend Labs has a 52 week low of $2.17 and a 52 week high of $16.26. The firm has a market capitalization of $577.86 million, a P/E ratio of -0.84 and a beta of 0.41. The firm has a fifty day simple moving average of $2.96 and a 200 day simple moving average of $3.83.
Blend Labs (NYSE:BLND – Get Rating) last released its earnings results on Monday, August 15th. The company reported ($0.19) EPS for the quarter, meeting the consensus estimate of ($0.19). Blend Labs had a negative net margin of 228.19% and a negative return on equity of 42.53%. The firm had revenue of $65.54 million for the quarter, compared to analyst estimates of $59.96 million. During the same period last year, the firm earned ($0.48) EPS. The business’s quarterly revenue was up 104.4% compared to the same quarter last year. As a group, research analysts forecast that Blend Labs will post -1.04 EPS for the current year.
Insider Transactions at Blend Labs
In other news, insider Crystal Sumner sold 47,631 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $2.93, for a total transaction of $139,558.83. Following the completion of the sale, the insider now owns 599,772 shares in the company, valued at approximately $1,757,331.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, President Timothy J. Mayopoulos sold 26,228 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $2.91, for a total transaction of $76,323.48. Following the completion of the sale, the president now owns 634,843 shares in the company, valued at approximately $1,847,393.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Crystal Sumner sold 47,631 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $2.93, for a total transaction of $139,558.83. Following the transaction, the insider now directly owns 599,772 shares in the company, valued at $1,757,331.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,125 shares of company stock worth $274,856. 15.57% of the stock is owned by insiders.
Institutional Investors Weigh In On Blend Labs
A number of hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC boosted its stake in shares of Blend Labs by 6.3% in the 4th quarter. HighTower Advisors LLC now owns 36,637 shares of the company’s stock valued at $268,000 after purchasing an additional 2,185 shares in the last quarter. Royal Bank of Canada boosted its stake 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 in the last quarter. Blair William & Co. IL boosted its stake in shares of Blend Labs by 12.4% in the 4th quarter. Blair William & Co. IL now owns 83,049 shares of the company’s stock valued at $610,000 after purchasing an additional 9,188 shares in the last quarter. CAPROCK Group Inc. boosted its stake in shares of Blend Labs by 10.5% in the 2nd quarter. CAPROCK Group Inc. now owns 100,335 shares of the company’s stock valued at $237,000 after purchasing an additional 9,500 shares in the last quarter. Finally, CTC Capital Management LLC acquired a new stake in shares of Blend Labs in the 1st quarter valued at approximately $60,000. 59.45% of the stock is currently owned by institutional investors and hedge funds.
About Blend Labs
Blend Labs, Inc provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts.
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