Backblaze, Inc. (NASDAQ:BLZE – Get Rating) major shareholder Charles J. Jones sold 2,000 shares of Backblaze stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of 6.96, for a total value of 13,920.00. Following the transaction, the insider now owns 224,000 shares in the company, valued at approximately 1,559,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
Backblaze Trading Up 10.1 %
NASDAQ:BLZE traded up 0.72 on Friday, reaching 7.82. The company's stock had a trading volume of 95,681 shares, compared to its average volume of 115,209. Backblaze, Inc. has a 12-month low of 3.82 and a 12-month high of 15.89. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.27. The firm has a market cap of $254.93 million, a price-to-earnings ratio of -4.55 and a beta of 0.20. The stock has a 50 day moving average price of 5.14 and a 200 day moving average price of 5.48.
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Backblaze (NASDAQ:BLZE – Get Rating) last posted its earnings results on Wednesday, November 9th. The company reported -0.40 EPS for the quarter, missing analysts' consensus estimates of -0.36 by -0.04. Backblaze had a negative net margin of 57.47% and a negative return on equity of 54.31%. The business had revenue of 22.05 million during the quarter, compared to analysts' expectations of 21.95 million. On average, equities analysts anticipate that Backblaze, Inc. will post -1.6 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
BLZE has been the topic of a number of analyst reports. B. Riley reduced their price objective on Backblaze from $11.00 to $8.50 in a research report on Thursday, November 10th. Oppenheimer reduced their target price on Backblaze to $8.50 in a research report on Tuesday, November 15th. Finally, Raymond James reduced their target price on Backblaze from $14.50 to $11.00 and set an "outperform" rating on the stock in a research report on Thursday, November 10th.
Institutional Investors Weigh In On Backblaze
Institutional investors and hedge funds have recently modified their holdings of the company. AWM Investment Company Inc. raised its holdings in shares of Backblaze by 42.0% in the 2nd quarter. AWM Investment Company Inc. now owns 556,783 shares of the company's stock valued at $2,912,000 after buying an additional 164,783 shares during the period. Vanguard Group Inc. raised its holdings in shares of Backblaze by 269.7% in the 1st quarter. Vanguard Group Inc. now owns 412,992 shares of the company's stock valued at $4,407,000 after buying an additional 301,271 shares during the period. BlackRock Inc. raised its holdings in shares of Backblaze by 7.9% in the 1st quarter. BlackRock Inc. now owns 116,228 shares of the company's stock valued at $1,239,000 after buying an additional 8,536 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Backblaze in the 1st quarter valued at $620,000. Finally, State Street Corp purchased a new stake in shares of Backblaze in the 1st quarter valued at $261,000. Hedge funds and other institutional investors own 12.70% of the company's stock.
About Backblaze
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Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.
Further Reading
- Get a free copy of the StockNews.com research report on Backblaze (BLZE)
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