Backblaze, Inc. (NASDAQ:BLZE) CFO Sells $13,048.14 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $6.61, for a total transaction of $13,048.14. Following the completion of the sale, the chief financial officer now directly owns 308,204 shares in the company, valued at approximately $2,037,228.44. This trade represents a 0.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Backblaze Stock Performance

Shares of Backblaze stock traded down $0.53 during trading on Monday, reaching $6.01. The company’s stock had a trading volume of 685,670 shares, compared to its average volume of 351,600. The company has a 50-day moving average price of $6.52 and a two-hundred day moving average price of $6.58. The firm has a market cap of $266.84 million, a PE ratio of -5.41 and a beta of 0.92. Backblaze, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently modified their holdings of the business. AWM Investment Company Inc. increased its holdings in shares of Backblaze by 2,664.4% in the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after acquiring an additional 2,682,480 shares during the period. Connective Capital Management LLC acquired a new position in shares of Backblaze in the 4th quarter valued at $600,000. Virtus Investment Advisers Inc. acquired a new position in shares of Backblaze in the 4th quarter valued at $101,000. Two Sigma Investments LP increased its holdings in shares of Backblaze by 11.0% in the 4th quarter. Two Sigma Investments LP now owns 272,838 shares of the company’s stock valued at $1,642,000 after acquiring an additional 27,139 shares during the period. Finally, ProShare Advisors LLC acquired a new position in shares of Backblaze in the 4th quarter valued at $68,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Lake Street Capital cut their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Raymond James raised their price objective on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, B. Riley cut their price objective on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze has a consensus rating of “Buy” and an average target price of $11.40.

Backblaze Company Profile

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.