Blaize (NASDAQ:BZAI) Director Sells 50,000 Shares of Stock

Key Points

• Director Anthony Cannestra sold 50,000 Blaize shares on July 6 at an average price of $1.35, totaling $67,500. The transaction cut his ownership in the company by 50% and was executed under a pre-arranged Rule 10b5-1 plan.
• This was not Cannestra’s first recent sale of Blaize stock; he also sold 50,000 shares on both June 8 and May 11, at higher prices of $1.68 and $1.85, respectively.
• Blaize has faced weak operating and stock performance, with the shares recently trading at $1.23 versus a 52-week high of $6.76. The company also reported a quarterly loss that missed analyst estimates, while analysts currently hold a “Moderate Buy” consensus with an average target price of $4.62.

Blaize Holdings, Inc. (NASDAQ:BZAI - Get Free Report) Director Anthony Cannestra sold 50,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $1.35, for a total transaction of $67,500.00. Following the transaction, the director directly owned 50,000 shares in the company, valued at $67,500. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Anthony Cannestra also recently made the following trade(s):

• On Monday, June 8th, Anthony Cannestra sold 50,000 shares of Blaize stock. The stock was sold at an average price of $1.68, for a total value of $84,000.00.
• On Monday, May 11th, Anthony Cannestra sold 50,000 shares of Blaize stock. The stock was sold at an average price of $1.85, for a total value of $92,500.00.

Blaize Stock Performance

Shares of NASDAQ BZAI traded down $0.06 during mid-day trading on Wednesday, reaching $1.23. 2,076,340 shares of the company traded hands, compared to its average volume of 3,511,048. The company's fifty day moving average is $1.59 and its two-hundred day moving average is $1.63. Blaize Holdings, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $6.76.

Blaize (NASDAQ:BZAI - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.06). Blaize had a negative return on equity of 551.04% and a negative net margin of 202.65%.The company had revenue of $2.74 million during the quarter. As a group, equities research analysts expect that Blaize Holdings, Inc. will post -0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Blaize

Hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. bought a new stake in Blaize in the 1st quarter valued at $348,000. Geode Capital Management LLC increased its holdings in shares of Blaize by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 655,679 shares of the company's stock worth $1,955,000 after purchasing an additional 3,031 shares during the period. XTX Topco Ltd acquired a new position in shares of Blaize during the second quarter valued at about $189,000. AQR Arbitrage LLC bought a new stake in shares of Blaize in the second quarter valued at about $298,000. Finally, Rhumbline Advisers acquired a new stake in Blaize during the third quarter worth about $218,000. Institutional investors and hedge funds own 97.12% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $6.00 target price on shares of Blaize in a research note on Thursday, April 16th. Zacks Research lowered shares of Blaize from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. B. Riley Financial decreased their price target on shares of Blaize from $8.00 to $5.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Wall Street Zen downgraded Blaize from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 16th. Finally, Roth Capital reiterated a "buy" rating and issued a $4.50 price objective on shares of Blaize in a research note on Friday, May 15th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $4.62.

About Blaize

Blaize NASDAQ: BZAI is a fabless semiconductor company that designs and develops hardware and software solutions for artificial intelligence (AI) and machine learning applications at the edge. The company’s core technology is centered on its proprietary Graph Streaming Processor (GSP) architecture, which combines dataflow computing with a highly parallel matrix processing engine to deliver real-time AI inference with low power consumption. Blaize’s platform is aimed at customers seeking to deploy sophisticated AI workloads in environments where power efficiency, latency and form factor are critical.

The company offers a hardware portfolio that includes standalone GSP modules, PCIe cards and M.2 form-factor boards, alongside its Blaize AI software stack.

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