Backblaze, Inc. (NASDAQ:BLZE) CEO Sells $72,800.00 in Stock
Gleb Budman, the CEO of Backblaze, Inc., recently sold 14,000 shares of the company's stock. The transaction took place on July 12th and the shares were sold at an average price of $5.20, amounting to a total value of $72,800. After the sale, Budman now holds 2,323,638 shares in the company, valued at approximately $12,082,917.60. This sale was reported in a filing with the Securities & Exchange Commission and can be viewed using the provided hyperlink.
In addition, Gleb Budman has recently executed the subsequent transaction(s):
On Friday, the stock of Backblaze, Inc. on the NASDAQ stock exchange, with the ticker symbol BLZE, went down $0.28 to reach a trading price of $5.37. A total of 165,608 shares were traded, which is higher than the average trading volume of 121,756 shares. Currently, the stock's 50-day moving average is $4.39, and its 200-day moving average is $5.21. Over the past year, the lowest price the stock reached was $3.50, while the highest price was $8.20. The company's financial position shows a debt-to-equity ratio of 0.36, indicating a moderate level of debt. Additionally, the current ratio and quick ratio both stand at 1.09, suggesting a healthy liquidity position. With a market capitalization of $184.19 million, the stock's price-to-earnings ratio is -3.12, which indicates negative earnings. Furthermore, the stock has a beta of 0.54, showcasing a lower level of volatility compared to the overall market.
Backblaze recently released its financial results for the quarter ending on May 9th. During this period, the company exceeded expectations by reporting earnings per share of ($0.43), surpassing the estimated ($0.46) by $0.03. Backblaze experienced a negative return on equity of 72.46% and a negative net margin of 63.19%. The company's revenue for the quarter amounted to $23.39 million, slightly higher than the estimated $23.25 million. Analysts predict that Backblaze, Inc. will have a fiscal year earnings per share of -1.58.
Money In And Out
In recent times, hedge funds have adjusted their positions within the company. AWM Investment Company Inc. increased its ownership in Backblaze by 70.6% during the last quarter. AWM Investment Company Inc. now possesses 1,091,753 shares of the company's stock, with a value of $6,714,000, after obtaining an additional 451,851 shares. GSA Capital Partners LLP also grew its stake in Backblaze by 200.2% during the fourth quarter, now holding 47,573 shares worth $293,000 after acquiring 31,728 more shares. Perkins Capital Management Inc. enhanced their ownership by 10.2% during the same period, now holding 81,110 shares worth $499,000 after acquiring 7,500 additional shares. UMB Bank n.a. entered the market and purchased shares in Backblaze during the fourth quarter, spending $49,000 on a new position. Lastly, Barclays PLC increased their stake by 139.2% during the fourth quarter and now owns 13,982 shares worth $86,000 after acquiring an additional 8,137 shares. In conclusion, institutional investors and hedge funds collectively hold approximately 14.91% of the company's stock.
Improved And Decreased Analyst Ratings
Several research analyst reports have mentioned BLZE. On March 27th, Craig Hallum started covering Backblaze in a research note. They gave the company a "buy" rating and set a target price of $8.00. On April 17th, Oppenheimer reduced Backblaze's target price from $8.50 to $7.50 and also gave it an "outperform" rating. According to data from MarketBeat.com, five investment analysts have rated the stock as a buy. The consensus rating for the company is currently "Buy" with an average target price of $10.70.
Backblaze, Inc is a cloud storage platform that offers both businesses and consumers the ability to store, access, and safeguard their data across the globe, including the United States. Their services are delivered through an efficient software infrastructure that utilizes affordable hardware. In addition, Backblaze offers the Backblaze B2 Cloud Storage solution, empowering users to store their data, developers to create applications, and partners to further diversify their usage scenarios.
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