Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CEO Sells 10,321 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the transaction, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. This represents a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Backblaze Stock Up 0.6 %

Backblaze stock traded up $0.04 during mid-day trading on Friday, hitting $6.49. The company’s stock had a trading volume of 197,896 shares, compared to its average volume of 364,913. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65. The stock’s fifty day moving average price is $6.77 and its two-hundred day moving average price is $6.44.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The business had revenue of $32.59 million during the quarter, compared to analyst estimates of $32.54 million. During the same quarter last year, the firm posted ($0.43) EPS. On average, analysts predict that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BLZE shares. Oppenheimer lowered their price objective on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Raymond James lifted their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Craig Hallum lifted their price target on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, October 21st.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its position in Backblaze by 124.4% during the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after buying an additional 21,593 shares during the period. XTX Topco Ltd boosted its stake in shares of Backblaze by 108.1% during the 3rd quarter. XTX Topco Ltd now owns 72,520 shares of the company’s stock valued at $463,000 after buying an additional 37,669 shares during the period. Jane Street Group LLC acquired a new stake in shares of Backblaze during the 3rd quarter valued at $159,000. Finally, State Street Corp boosted its stake in shares of Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after buying an additional 138,917 shares during the period. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

About Backblaze

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.