Blend Labs (BLND)
Market Price (9/26/2026): $1.12 | Market Cap: $268.7 MilSector: Information Technology | Industry: Application Software
Blend Labs (BLND)
Market Price (9/26/2026): $1.12Market Cap: $268.7 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS). | Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -83% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% Key risksBLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Cloud Computing. Themes include Online Banking & Lending, and Software as a Service (SaaS). |
| Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -83% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% |
| Key risksBLND key risks include [1] high revenue dependence on volatile mortgage and consumer lending markets, Show more. |
Qualitative Assessment
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Updated on 9/24/2026
Blend Labs (BLND) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Cautious Future Guidance Amid Macroeconomic Headwinds.
Despite reporting fiscal Q2 2026 revenue of $33.8 million, which was up 7% year-over-year and surpassed Wall Street forecasts, Blend Labs' stock declined significantly following cautious guidance. Management projected a year-over-year decline of approximately 10% to 15% in funded loans for fiscal Q4 and guided fiscal Q3 revenue to a flat or slightly weaker range of $31.5 million to $33.5 million. This outlook highlighted the company's continued vulnerability to broader macroeconomic factors, particularly the challenging mortgage market and high interest rates, which exert pressure on loan volumes and overall revenue growth.
2. Persistent GAAP Unprofitability Despite Non-GAAP Improvements.
While Blend Labs showed operational improvements in fiscal Q2 2026, achieving a non-GAAP operating income of $7.0 million with a 20.6% margin and positive operating cash flow of $7.7 million, the company remained unprofitable under Generally Accepted Accounting Principles (GAAP). Blend Labs reported a GAAP diluted net loss from continuing operations of $0.03 per share for fiscal Q2 2026, unchanged from the prior year. The significant difference between GAAP and non-GAAP results, largely attributed to items such as $7.0 million in stock-based compensation during the quarter, raised concerns among investors about the company's path to sustainable reported profitability.
Show more
Blend Labs (BLND) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Cautious Future Guidance Amid Macroeconomic Headwinds.
Despite reporting fiscal Q2 2026 revenue of $33.8 million, which was up 7% year-over-year and surpassed Wall Street forecasts, Blend Labs' stock declined significantly following cautious guidance. Management projected a year-over-year decline of approximately 10% to 15% in funded loans for fiscal Q4 and guided fiscal Q3 revenue to a flat or slightly weaker range of $31.5 million to $33.5 million. This outlook highlighted the company's continued vulnerability to broader macroeconomic factors, particularly the challenging mortgage market and high interest rates, which exert pressure on loan volumes and overall revenue growth.
2. Persistent GAAP Unprofitability Despite Non-GAAP Improvements.
While Blend Labs showed operational improvements in fiscal Q2 2026, achieving a non-GAAP operating income of $7.0 million with a 20.6% margin and positive operating cash flow of $7.7 million, the company remained unprofitable under Generally Accepted Accounting Principles (GAAP). Blend Labs reported a GAAP diluted net loss from continuing operations of $0.03 per share for fiscal Q2 2026, unchanged from the prior year. The significant difference between GAAP and non-GAAP results, largely attributed to items such as $7.0 million in stock-based compensation during the quarter, raised concerns among investors about the company's path to sustainable reported profitability.
Show more
Updated on 9/24/2026
Blend Labs (BLND) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Cautious Future Guidance Amid Macroeconomic Headwinds.
Despite reporting fiscal Q2 2026 revenue of $33.8 million, which was up 7% year-over-year and surpassed Wall Street forecasts, Blend Labs' stock declined significantly following cautious guidance. Management projected a year-over-year decline of approximately 10% to 15% in funded loans for fiscal Q4 and guided fiscal Q3 revenue to a flat or slightly weaker range of $31.5 million to $33.5 million. This outlook highlighted the company's continued vulnerability to broader macroeconomic factors, particularly the challenging mortgage market and high interest rates, which exert pressure on loan volumes and overall revenue growth.
2. Persistent GAAP Unprofitability Despite Non-GAAP Improvements.
While Blend Labs showed operational improvements in fiscal Q2 2026, achieving a non-GAAP operating income of $7.0 million with a 20.6% margin and positive operating cash flow of $7.7 million, the company remained unprofitable under Generally Accepted Accounting Principles (GAAP). Blend Labs reported a GAAP diluted net loss from continuing operations of $0.03 per share for fiscal Q2 2026, unchanged from the prior year. The significant difference between GAAP and non-GAAP results, largely attributed to items such as $7.0 million in stock-based compensation during the quarter, raised concerns among investors about the company's path to sustainable reported profitability.
3. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings announcement, several financial analysts revised their outlooks and price targets for Blend Labs, signaling decreased confidence in the stock's near-term prospects. For instance, Canaccord Genuity Group reduced its price target for Blend Labs from $4.50 to $3.00, and Goldman Sachs lowered its target from $3.50 to $3.00 in August 2026. The consensus analyst price target for BLND subsequently fell to an average of $2.82 as of September 2026, reflecting a more cautious sentiment across Wall Street.
Show less
Blend Labs (BLND) stock has lost about 40% since 5/31/2026 because of the following key factors:
1. Cautious Future Guidance Amid Macroeconomic Headwinds.
Despite reporting fiscal Q2 2026 revenue of $33.8 million, which was up 7% year-over-year and surpassed Wall Street forecasts, Blend Labs' stock declined significantly following cautious guidance. Management projected a year-over-year decline of approximately 10% to 15% in funded loans for fiscal Q4 and guided fiscal Q3 revenue to a flat or slightly weaker range of $31.5 million to $33.5 million. This outlook highlighted the company's continued vulnerability to broader macroeconomic factors, particularly the challenging mortgage market and high interest rates, which exert pressure on loan volumes and overall revenue growth.
2. Persistent GAAP Unprofitability Despite Non-GAAP Improvements.
While Blend Labs showed operational improvements in fiscal Q2 2026, achieving a non-GAAP operating income of $7.0 million with a 20.6% margin and positive operating cash flow of $7.7 million, the company remained unprofitable under Generally Accepted Accounting Principles (GAAP). Blend Labs reported a GAAP diluted net loss from continuing operations of $0.03 per share for fiscal Q2 2026, unchanged from the prior year. The significant difference between GAAP and non-GAAP results, largely attributed to items such as $7.0 million in stock-based compensation during the quarter, raised concerns among investors about the company's path to sustainable reported profitability.
3. Analyst Downgrades and Price Target Reductions.
Following the fiscal Q2 2026 earnings announcement, several financial analysts revised their outlooks and price targets for Blend Labs, signaling decreased confidence in the stock's near-term prospects. For instance, Canaccord Genuity Group reduced its price target for Blend Labs from $4.50 to $3.00, and Goldman Sachs lowered its target from $3.50 to $3.00 in August 2026. The consensus analyst price target for BLND subsequently fell to an average of $2.82 as of September 2026, reflecting a more cautious sentiment across Wall Street.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -38.0% change in BLND stock from 5/31/2026 to 9/25/2026 was primarily driven by a -42.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.79 | 1.11 | -38.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 128 | 130 | 1.7% |
| P/S Multiple | 3.6 | 2.0 | -42.8% |
| Shares Outstanding (Mil) | 256 | 240 | 6.6% |
| Cumulative Contribution | -38.0% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BLND | -38.0% | |
| Market (SPY) | 2.2% | 24.3% |
| Sector (XLK) | 2.9% | 4.7% |
Fundamental Drivers
The -33.9% change in BLND stock from 2/28/2026 to 9/25/2026 was primarily driven by a -42.9% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.68 | 1.11 | -33.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 121 | 130 | 7.0% |
| P/S Multiple | 3.6 | 2.0 | -42.9% |
| Shares Outstanding (Mil) | 260 | 240 | 8.2% |
| Cumulative Contribution | -33.9% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BLND | -33.9% | |
| Market (SPY) | 13.0% | 20.8% |
| Sector (XLK) | 41.8% | 10.1% |
Fundamental Drivers
The -69.3% change in BLND stock from 8/31/2025 to 9/25/2026 was primarily driven by a -73.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.62 | 1.11 | -69.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 122 | 130 | 6.8% |
| P/S Multiple | 7.7 | 2.0 | -73.4% |
| Shares Outstanding (Mil) | 259 | 240 | 8.0% |
| Cumulative Contribution | -69.3% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BLND | -69.3% | |
| Market (SPY) | 20.9% | 28.3% |
| Sector (XLK) | 50.4% | 19.8% |
Fundamental Drivers
The -4.3% change in BLND stock from 8/31/2023 to 9/25/2026 was primarily driven by a -27.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.16 | 1.11 | -4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 178 | 130 | -27.1% |
| P/S Multiple | 1.6 | 2.0 | 28.9% |
| Shares Outstanding (Mil) | 244 | 240 | 1.8% |
| Cumulative Contribution | -4.3% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| BLND | -4.3% | |
| Market (SPY) | 77.8% | 23.5% |
| Sector (XLK) | 127.9% | 19.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLND Return | -65% | -80% | 77% | 65% | -28% | -65% | -95% |
| Peers Return | -31% | -50% | 44% | 2% | 22% | -22% | -52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| BLND Win Rate | 17% | 50% | 50% | 58% | 42% | 33% | |
| Peers Win Rate | 40% | 32% | 53% | 53% | 52% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BLND Max Drawdown | - | -90% | -74% | -36% | -36% | -68% | |
| Peers Max Drawdown | -54% | -57% | -39% | -31% | -32% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NCNO, ICE, RKT, TREE, APPN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | BLND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.2% | -9.5% |
| % Gain to Breakeven | 23.8% | 10.5% |
| Time to Breakeven | 31 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -70.3% | -6.7% |
| % Gain to Breakeven | 236.4% | 7.1% |
| Time to Breakeven | 225 days | 31 days |
In The Past
Blend Labs's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
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Asset Allocation
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| Event | BLND | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 185 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -70.3% | -6.7% |
| % Gain to Breakeven | 236.4% | 7.1% |
| Time to Breakeven | 225 days | 31 days |
In The Past
Blend Labs's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Blend Labs (BLND)
Blend Labs, Inc. (BLND) is a cloud-based software platform provider primarily serving financial services firms in the United States. The company's core mission is to modernize and streamline the consumer application process for various financial products through its technology solutions. It operates through two main segments: the Blend Platform and Title365, offering a comprehensive suite of tools to its diverse client base.
Through its Blend Platform segment, the company provides white-label products that financial institutions can brand as their own. These solutions cover a wide range of offerings, including mortgages, home equity loans, vehicle loans, personal loans, credit cards, and deposit accounts. Additionally, the Blend Platform facilitates the entire homeownership journey with specialized mortgage products that assist with closing, income verification, homeowners insurance, and realty services.
The Title365 segment extends Blend Labs' services by offering essential title search procedures for title insurance policies, escrow management, and other crucial closing and settlement services. This segment also provides trustee services, alongside professional and consulting services. Blend Labs serves a broad clientele including banks, credit unions, financial technology companies, and non-bank mortgage lenders, helping them to enhance efficiency and customer experience.
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Here are 1-3 brief analogies for Blend Labs (BLND):
Salesforce for financial services.
Shopify for banks and lenders.
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- Digital Lending Platform: Provides white-label cloud-based software for financial institutions to originate various consumer loans and accounts, including mortgages, home equity, auto, personal loans, credit cards, and deposit accounts.
- Mortgage Facilitation Suite: Offers a set of products that streamline the homeownership journey for consumers, covering aspects like closing, income verification, and homeowners insurance.
- Title, Escrow, and Settlement Services: Delivers services related to title search procedures for insurance policies, escrow management, and other property closing and settlement functions.
- Professional and Consulting Services: Provides expert advice and implementation support to financial services firms.
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Blend Labs (BLND) sells primarily to other companies. Based on the provided description, its major customers fall into the following categories:
- Banks
- Credit Unions
- Financial Technology Companies (FinTechs)
- Non-bank Mortgage Lenders
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Amazon (AMZN)
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Nima Ghamsari, Co-founder, Chairman, CEO & Head of Blend
Nima Ghamsari co-founded Blend Labs in 2012. Prior to establishing Blend, he was an early employee at Palantir. As of 2021, he controls the company through Class B shares, which grant him 40 votes per share, and has a potential incentive pay package tied to the company's performance.
Jason Ream, Head of Finance and Administration
Jason Ream joined Blend as Head of Finance and Administration in August 2025. He possesses over 25 years of experience as a financial and operating leader within the technology and software sectors. His prior roles include serving as CFO for two public companies, SailPoint Technologies Holdings, Inc. and SolarWinds Corporation, as well as two private companies, Mitratech Holdings Inc. and Relativity ODA LLC. Before his tenure at Blend, he was a Senior Managing Director at Haveli Investments.
Srinivasan Venkatramani, Head of Product, Technology, and Customer Operations
Srinivasan Venkatramani is responsible for Blend's core software platform and customer experience.
Winnie Ling, Head of Legal & People
Winnie Ling oversees governance and talent strategy for Blend.
Matt Thomson, Head of Revenue
Matt Thomson was appointed as Blend's Head of Revenue in January 2026. He brings over 25 years of experience in fintech sales leadership, having previously held positions at Alkami Technology and ACI Worldwide.
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Here are the key risks to Blend Labs (BLND):
- Reliance on Cyclical Lending Markets and Profitability Challenges: Blend Labs' revenue is significantly tied to the health of the mortgage and consumer lending markets, which are highly sensitive to macroeconomic factors such as interest rates and housing market conditions. A prolonged period of high interest rates or economic downturns can depress loan originations, directly impacting Blend's transaction-based revenue. Furthermore, Blend Labs has faced persistent challenges in achieving consistent profitability, exhibiting negative operating and free cash flow margins. The company's Altman Z-Score suggests a potential risk of financial distress. While Blend is actively working to diversify its offerings beyond mortgages, this strategic pivot carries near-term execution risks.
- Intense Competition and Customer Retention: The financial technology (fintech) sector in which Blend Labs operates is characterized by intense competition. The company faces rivals ranging from large incumbent technology providers to emerging fintech firms offering similar digital origination tools. This competitive pressure can lead to pricing pressure and necessitate substantial investment in innovation, potentially impacting profitability. Additionally, Blend has experienced customer churn and a decline in its market share for mortgage originations, indicating challenges in retaining existing customers and acquiring new ones cost-effectively.
- Internal Control Weaknesses and Cloud Security Risks: Blend Labs has disclosed a material weakness in its internal controls over revenue processes for 2025. Such weaknesses can lead to financial misstatements and impact investor confidence. As a provider of cloud-based software for financial services, Blend also faces significant inherent risks related to data security, privacy, and regulatory compliance. Financial institutions are frequent targets for cyberattacks, and operating in the cloud introduces vulnerabilities such as ransomware attacks, API exploits, and supply chain risks, which can result in data breaches, financial losses, and reputational damage.
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The rise of embedded finance, enabling non-financial companies to directly offer financial products and services within non-financial customer journeys, potentially diminishes the reliance on traditional financial institutions (Blend's primary client base) and their need for Blend's white-label platforms and mortgage-related software.
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The addressable markets for Blend Labs' main products and services are primarily within the United States, with some global market data available for broader categories.
- Overall Total Addressable Market (TAM): Blend Labs estimated its total addressable market to be over $33 billion in the U.S. as of 2020, based on consumer banking transactions and home financings.
- Digital Lending Platform Market: The U.S. Digital Lending Platform Market was valued at approximately $2.64 billion in 2024. This market is projected to grow to about $11.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 26.07% from 2024 to 2032. Another estimate indicates the U.S. market generated $2,420.9 million in 2024 and is expected to reach $9,583.3 million by 2030, with a CAGR of 26.3% from 2025 to 2030.
- Loan Origination Software Market: The global Loan Origination Software Market was valued at $6.5 billion in 2025 and is projected to reach $26.3 billion by 2035, growing at a CAGR of 15% from 2026 to 2035. North America is expected to hold a 43% share of this market by 2035. The global market was also reported at $5.29 billion in 2023 and is expected to reach $14.11 billion by 2033, with a CAGR of 10.31%. North America is estimated to hold the largest share in this market.
- Mortgage and Loans Software Market: The global Mortgage and Loans Software Market size was valued at approximately $27.1 billion in 2026 and is expected to reach $97 billion by 2035, growing at a CAGR of about 15.1% from 2026 to 2035. North America holds a significant market share in this segment.
- Title and Settlement Services Market: The U.S. Title and Settlement Services industry revenue was $15.4 billion in 2025. This industry consists of approximately 6,800 companies in the U.S. and generates about $12.5 billion annually.
- Title Insurance Market: The global title insurance market was valued at $56.8 billion in 2022 and is projected to reach $161.6 billion by 2032, growing at a CAGR of 11.3% from 2023 to 2032. North America dominated this market in 2022.
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Here are 3-5 expected drivers of future revenue growth for Blend Labs (BLND) over the next 2-3 years:
- AI-Driven Automation with Blend Autopilot: Blend Labs expects revenue growth through the adoption and expansion of its innovative AI tool, Blend Autopilot. This new AI agent, launched in March 2026, aims to automate document processing and compliance, significantly reducing loan origination costs for financial services firms. Several large customers are already engaging with the tool during its preview period, indicating a strong potential for enhancing service offerings and customer satisfaction.
- Continued Growth in the Consumer Banking Suite: The company has demonstrated consistent strength and growth in its Consumer Banking Suite. This segment has shown significant year-over-year revenue increases, contributing a growing proportion to Blend's total revenue. The focus on expanding this existing product line beyond mortgages is a key diversification strategy and a driver of future growth.
- Expansion of Remaining Performance Obligations (RPO) and Customer Acquisition: Blend Labs anticipates continued expansion in its Remaining Performance Obligations (RPO). This growth is expected to be driven by acquiring new customers, securing more renewals under its subscription model, and entering into Platform deals that involve longer and larger commitments. This indicates a strategy of both expanding the customer base and deepening relationships with existing clients.
- Strategic Shift Towards Bundled Offerings: Blend is strategically moving towards offering bundled deals that span multiple product lines. This approach aims to increase the value derived from each customer by encouraging the adoption of a broader range of Blend's solutions, thereby driving higher revenue per customer.
- Recovery of the Mortgage Market: While Blend has faced headwinds in its mortgage business, the company is positioning itself to benefit from an anticipated recovery in the overall U.S. mortgage industry. Management expects sequential improvement in mortgage market volume, which would directly contribute to an increase in Blend's Mortgage Suite revenue.
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Share Repurchases
- Blend Labs' Board of Directors authorized a share repurchase program of up to $50 million of its Class A common stock, announced on March 10, 2026.
- The company repurchased 5.1 million shares in the fourth quarter of 2025 for more than $15 million.
- Total share repurchases for the full year 2025 amounted to $25 million.
Share Issuance
- Blend Labs completed its Initial Public Offering (IPO) on July 16, 2021, issuing 20,000,000 shares and raising $360 million at a final placement price of $18 per share.
Capital Expenditures
- Capital expenditures for Blend Labs were $1.89 million in 2021, $2.07 million in 2022, $0.59 million in 2023, and $9.84 million in 2024.
Peer Outperformance in Application Software
BLND has trailed 85% of its 123 Application Software peers over 5Y. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that BLND has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
14%
of 155 industry peers · -70.8% return
3Y
58%
of 142 industry peers · 0.0% return
5Y
15%
of 123 industry peers · -92.3% return
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Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is BLND's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 68.8% | 203.4% | 292.1% | TTMI 931% · FLEX 720% · SANM 472% |
| Semiconductor Materials & Equipment | 27 | 98.9% | 100.0% | 115.6% | AXTI 818% · AEHR 560% · LRCX 443% |
| Technology Distributors | 9 | 42.3% | 87.0% | 104.8% | CLMB 416% · AVT 210% · SNX 152% |
| Communications Equipment | 36 | 17.2% | 81.5% | 68.7% | AAOI 1301% · FEIM 1056% · LITE 988% |
| Electronic Components | 26 | 49.4% | 72.5% | 66.4% | CLS 3763% · BELFA 1387% · COHR 381% |
| Semiconductors | 55 | 34.1% | 43.0% | 40.1% | POET 1808% · MU 1399% · NVDA 924% |
| Technology Hardware, Storage & Peripherals | 20 | 22.7% | 129.4% | 33.3% | STX 1127% · DELL 1084% · SMCI 1060% |
| Internet Services & Infrastructure | 6 | 2.2% | 49.1% | 28.3% | DOCN 69% · GDDY 37% · VRSN 34% |
| Electronic Equipment & Instruments | 26 | -15.9% | 15.2% | -11.2% | PI 190% · OSIS 110% · KEYS 103% |
| IT Consulting & Other Services | 30 | -23.9% | -17.4% | -36.6% | CHRN 522268% · APLD 1124% · TSSI 797% |
| Application Software ← | 124 | -30.0% | -12.7% | -48.3% | VIDA 144067% · INLX 4910% · PLTR 564% |
| Systems Software | 72 | -20.8% | 11.1% | -63.1% | QNC 609% · ZETA 391% · PANW 358% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.02 |
| Mkt Cap | 2.3 |
| Rev LTM | 1,032 |
| Op Inc LTM | 49 |
| FCF LTM | 75 |
| FCF 3Y Avg | 37 |
| CFO LTM | 83 |
| CFO 3Y Avg | 45 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.7% |
| Rev Chg 3Y Avg | 14.1% |
| Rev Chg Q | 14.9% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | 74.6% |
| Op Inc Chg 3Y Avg | 99.5% |
| Op Mgn LTM | 7.9% |
| Op Mgn 3Y Avg | -0.2% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 10.1% |
| CFO/Rev 3Y Avg | 4.5% |
| FCF/Rev LTM | 7.7% |
| FCF/Rev 3Y Avg | 3.5% |
Price Behavior
Price Behavior
| Market Price | $1.11 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 07/16/2021 | |
| Distance from 52W High | -70.8% | |
| 50 Days | 200 Days | |
| DMA Price | $1.54 | $1.89 |
| DMA Trend | down | down |
| Distance from DMA | -28.0% | -41.3% |
| 3M | 1YR | |
| Volatility | 67.8% | 69.2% |
| Downside Capture | 393.96 | 270.14 |
| Upside Capture | 75.22 | 77.28 |
| Correlation (SPY) | 13.2% | 28.4% |
BLND Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.11 | 0.95 | 1.15 | 1.10 | 1.53 | 1.13 |
| Up Beta | 3.37 | 0.86 | 0.89 | 0.37 | 1.31 | 0.44 |
| Down Beta | -2.29 | -2.88 | 1.04 | 1.96 | 1.72 | 0.65 |
| Up Capture | 171% | 108% | 86% | 83% | 75% | 700% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 29 | 64 | 113 | 352 |
| Down Capture | 594% | 267% | 156% | 127% | 160% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 21 | 33 | 59 | 130 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -70.7% | 69.1% | -1.48 | - |
| Sector ETF (XLK) | 41.7% | 26.4% | 1.28 | 20.3% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 28.8% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | -0.4% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -15.5% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 11.8% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 20.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -41.6% | 84.3% | -0.26 | - |
| Sector ETF (XLK) | 21.3% | 26.0% | 0.73 | 27.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 30.3% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 2.4% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 1.1% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 29.4% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 17.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLND | |
|---|---|---|---|---|
| BLND | -25.5% | 83.6% | -0.31 | - |
| Sector ETF (XLK) | 24.8% | 25.0% | 0.90 | 27.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 29.9% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.4% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 1.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.2% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 17.3% |
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Returns Analyses
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -16.4% | -20.5% | -21.0% |
| 5/7/2026 | -14.8% | -14.2% | 5.6% |
| 3/10/2026 | 11.7% | -8.0% | -6.1% |
| 11/6/2025 | -6.7% | 4.0% | 11.7% |
| 8/7/2025 | -23.5% | -19.9% | 22.4% |
| 5/8/2025 | 7.0% | 10.6% | 11.6% |
| 2/27/2025 | -10.8% | -12.5% | 1.4% |
| 11/6/2024 | 15.0% | 13.0% | 38.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 10 | 10 | 8 |
| Median Positive | 18.7% | 14.3% | 11.8% |
| Median Negative | -12.8% | -15.7% | -22.1% |
| Max Positive | 28.6% | 49.4% | 38.6% |
| Max Negative | -35.4% | -34.6% | -46.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -16.4% | -20.5% | -21.0% |
| 5/7/2026 | -14.8% | -14.2% | 5.6% |
| 3/10/2026 | 11.7% | -8.0% | -6.1% |
| 11/6/2025 | -6.7% | 4.0% | 11.7% |
| 8/7/2025 | -23.5% | -19.9% | 22.4% |
| 5/8/2025 | 7.0% | 10.6% | 11.6% |
| 2/27/2025 | -10.8% | -12.5% | 1.4% |
| 11/6/2024 | 15.0% | 13.0% | 38.6% |
| 8/8/2024 | 22.7% | 49.4% | 30.1% |
| 5/8/2024 | 17.8% | 31.8% | 12.7% |
| 3/14/2024 | 19.6% | 30.2% | 3.0% |
| 11/7/2023 | -7.4% | -14.2% | 8.1% |
| 8/9/2023 | 17.2% | 2.5% | -9.0% |
| 5/9/2023 | 26.5% | 29.5% | 32.1% |
| 3/16/2023 | -35.4% | -34.6% | -44.9% |
| 11/10/2022 | -4.1% | -11.9% | -42.7% |
| 8/15/2022 | 28.6% | 3.3% | 12.0% |
| 5/12/2022 | 20.7% | 15.7% | -11.8% |
| 11/10/2021 | -16.1% | -19.8% | -46.9% |
| 8/19/2021 | -8.7% | -17.3% | -23.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 10 | 10 | 8 |
| Median Positive | 18.7% | 14.3% | 11.8% |
| Median Negative | -12.8% | -15.7% | -22.1% |
| Max Positive | 28.6% | 49.4% | 38.6% |
| Max Negative | -35.4% | -34.6% | -46.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/24/2021 | 10-Q |
| 03/31/2021 | 07/06/2021 | S-1/A |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Revenue | Reported | 31.50 Mil | 32.50 Mil | 33.50 Mil | -1.5% | Lower New | Guidance: 33.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP Operating Income | Reported | 3.50 Mil | 4.00 Mil | 4.50 Mil | -33.3% | Lower New | Guidance: 6.00 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | Reported | 32.00 Mil | 33.00 Mil | 34.00 Mil | 12.8% | Higher New | Actual: 29.25 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Income | Reported | 5.50 Mil | 6.00 Mil | 6.50 Mil | 140.0% | Higher New | Actual: 2.50 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 3/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 28.50 Mil | 29.25 Mil | 30.00 Mil | -7.9% | Lower New | Actual: 31.75 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Income | Reported | 2.00 Mil | 2.50 Mil | 3.00 Mil | -16.7% | Lower New | Actual: 3.00 Mil for Q4 2025 | |
| Q2 2026 Mortgage Market Size | Reported | 1.50 Mil | 1.55 Mil | 1.60 Mil | 38.4% | Higher New | Actual: 1.12 Mil for Q1 2026 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Revenue | Reported | 31.00 Mil | 31.75 Mil | 32.50 Mil | -2.3% | Lower New | Guidance: 32.50 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Net Operating Income | Reported | 2.50 Mil | 3.00 Mil | 3.50 Mil | -20.0% | Lower New | Guidance: 3.75 Mil for Q3 2025 | |
| Q1 2026 Market Size | Reported | 1.07 Mil | 1.12 Mil | 1.17 Mil | ||||
Insider Activity
Updated 9/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 9232026 | 1.19 | 21,009 | 25,022 | 9,349,780 | Form |
| 2 | Venkatramani, Srinivasan | Head of Product Tech & Cust Op | Direct | Sell | 9152026 | 1.43 | 74,705 | 106,828 | 338,285 | Form |
| 3 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 8192026 | 1.45 | 21,209 | 30,685 | 139,237 | Form |
| 4 | Haveli, Investments, LP | See footnotes | Buy | 8192026 | 1.44 | 17,397 | 25,120 | 27,016,891 | Form | |
| 5 | Thomson, Matthew Christopher | Head of Revenue | Direct | Sell | 8072026 | 2.00 | 15,041 | 30,142 | 120,565 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ghamsari, Nima | HEAD OF BLEND | Direct | Sell | 9232026 | 1.19 | 21,009 | 25,022 | 9,349,780 | Form |
| 2 | Venkatramani, Srinivasan | Head of Product Tech & Cust Op | Direct | Sell | 9152026 | 1.43 | 74,705 | 106,828 | 338,285 | Form |
| 3 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 8192026 | 1.45 | 21,209 | 30,685 | 139,237 | Form |
| 4 | Haveli, Investments, LP | See footnotes | Buy | 8192026 | 1.44 | 17,397 | 25,120 | 27,016,891 | Form | |
| 5 | Thomson, Matthew Christopher | Head of Revenue | Direct | Sell | 8072026 | 2.00 | 15,041 | 30,142 | 120,565 | Form |
| 6 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.72 | 650,000 | 1,120,080 | 32,212,910 | Form | |
| 7 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.70 | 256,928 | 436,161 | 30,630,912 | Form | |
| 8 | Haveli, Investments, LP | See footnotes | Buy | 6152026 | 1.74 | 250,000 | 435,125 | 30,957,802 | Form | |
| 9 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.67 | 723,460 | 1,210,349 | 29,338,948 | Form | |
| 10 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.70 | 178,677 | 303,876 | 28,594,327 | Form | |
| 11 | Haveli, Investments, LP | See footnotes | Buy | 6102026 | 1.70 | 216,798 | 368,166 | 28,248,864 | Form | |
| 12 | Haveli, Investments, LP | See footnotes | Buy | 6052026 | 1.60 | 28,299 | 45,278 | 26,268,470 | Form | |
| 13 | Haveli, Investments, LP | See footnotes | Buy | 6052026 | 1.56 | 240,307 | 376,056 | 25,647,921 | Form | |
| 14 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.49 | 1,600 | 2,391 | 24,128,502 | Form | |
| 15 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.46 | 243,805 | 355,736 | 23,560,946 | Form | |
| 16 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 5272026 | 1.57 | 5,625 | 8,831 | 184,392 | Form |
| 17 | Haveli, Investments, LP | See footnotes | Buy | 5272026 | 1.48 | 798,223 | 1,182,088 | 23,551,912 | Form | |
| 18 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.50 | 8,117 | 12,176 | 22,658,340 | Form | |
| 19 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.50 | 185,611 | 278,082 | 22,618,989 | Form | |
| 20 | Haveli, Investments, LP | See footnotes | Buy | 5212026 | 1.49 | 583,450 | 867,882 | 22,181,350 | Form | |
| 21 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.47 | 2,177 | 3,201 | 21,071,319 | Form | |
| 22 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.45 | 525,697 | 761,472 | 20,751,508 | Form | |
| 23 | Haveli, Investments, LP | See footnotes | Buy | 5182026 | 1.33 | 1,000,000 | 1,325,600 | 18,293,953 | Form | |
| 24 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.44 | 1,296,924 | 1,866,533 | 18,422,491 | Form | |
| 25 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.41 | 258,796 | 365,886 | 16,263,767 | Form | |
| 26 | Haveli, Investments, LP | See footnotes | Buy | 5132026 | 1.41 | 395,915 | 557,171 | 15,824,790 | Form | |
| 27 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 2262026 | 1.59 | 5,625 | 8,955 | 153,211 | Form |
| 28 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 1202026 | 3.06 | 25,000 | 76,420 | 1,986,382 | Form |
| 29 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 1092026 | 3.09 | 2,500 | 7,725 | 237,983 | Form |
| 30 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 12172025 | 3.06 | 25,000 | 76,485 | 2,064,557 | Form |
| 31 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.09 | 533,888 | 1,649,927 | 33,527,357 | Form | |
| 32 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.09 | 345,404 | 1,066,711 | 31,855,768 | Form | |
| 33 | Haveli, Investments, LP | See footnotes | Buy | 12032025 | 3.14 | 430,531 | 1,352,083 | 31,309,469 | Form | |
| 34 | Haveli, Investments, LP | See footnotes | Buy | 11262025 | 3.10 | 15,090 | 46,779 | 29,571,055 | Form | |
| 35 | Haveli, Investments, LP | See footnotes | Buy | 11262025 | 3.05 | 54,844 | 167,071 | 29,012,839 | Form | |
| 36 | Haveli, Investments, LP | See footnotes | Buy | 11202025 | 3.03 | 1,088,738 | 3,299,965 | 28,700,891 | Form | |
| 37 | Haveli, Investments, LP | See footnotes | Buy | 11202025 | 3.05 | 293,459 | 893,964 | 25,529,146 | Form | |
| 38 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 11192025 | 2.99 | 25,000 | 74,732 | 1,981,634 | Form |
| 39 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 2.99 | 796,753 | 2,381,893 | 24,175,844 | Form | |
| 40 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 3.00 | 704,259 | 2,116,298 | 21,906,949 | Form | |
| 41 | Haveli, Investments, LP | See footnotes | Buy | 11172025 | 3.09 | 653,936 | 2,022,493 | 20,368,893 | Form | |
| 42 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 3.05 | 953,634 | 2,908,202 | 18,090,139 | Form | |
| 43 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 3.00 | 600,308 | 1,800,084 | 14,928,041 | Form | |
| 44 | Haveli, Investments, LP | See footnotes | Buy | 11122025 | 2.98 | 701,110 | 2,092,042 | 13,063,601 | Form | |
| 45 | Ling, Winnie | HEAD OF LEGAL AND PEOPLE | Direct | Sell | 10222025 | 3.50 | 4,000 | 14,000 | 1,332,208 | Form |
| 46 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 10172025 | 3.34 | 25,000 | 83,508 | 2,297,822 | Form |
| 47 | Ling, Winnie | HEAD OF LEGAL AND PEOPLE | Direct | Sell | 10062025 | 3.58 | 4,000 | 14,338 | 1,378,710 | Form |
| 48 | Ling, Winnie | HEAD OF LEGAL AND PEOPLE | Direct | Sell | 9192025 | 4.30 | 6,500 | 27,918 | 1,669,209 | Form |
| 49 | Kneafsey, Brian | Head of Revenue | Direct | Sell | 9162025 | 4.36 | 25,000 | 109,070 | 3,110,279 | Form |
| 50 | Tkach, Oxana | PRINCIPAL ACCOUNTING OFFICER | Direct | Sell | 9092025 | 4.00 | 101,429 | 405,980 | 211,257 | Form |
| 51 | Woersching, Eric H | Direct | Sell | 9092025 | 4.00 | 20,000 | 80,100 | 120,150 | Form | |
| 52 | Ling, Winnie | HEAD OF LEGAL AND PEOPLE | Direct | Sell | 9082025 | 4.00 | 17,500 | 70,063 | 1,581,946 | Form |
| 53 | Ling, Winnie | HEAD OF LEGAL AND PEOPLE | Direct | Sell | 9082025 | 3.51 | 4,000 | 14,030 | 1,447,344 | Form |
Investor Activity (13F)
Updated Sep 26, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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