BLND - Even Though It's Down 77% I'm Not Selling Blend Labs
On Thursday, financial software company Blend Labs (NYSE: BLND) delivered its fourth-quarter numbers, and investors have responded to the report by sending the stock to new lows. The shares are now off by more than 70% from their high of around $21, and well below last summer's initial public offering price of $18.
I can't say that I blame investors for running from Blend Labs. The company's forecast was terrible and implies that 2022 will be a year of struggle and challenges. So why am I optimistically holding my shares in the face of more pain ahead?
Blend Labs operates a software platform that banks can use to build digital customer experiences . Its specialty is mortgage lending, and its tools take a lot of the paperwork and back-and-forth out of the loan approval process.
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Even Though It's Down 77%, I'm Not Selling Blend Labs