Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 1,240,000 shares, a decrease of 12.7% from the March 15th total of 1,420,000 shares. Currently, 4.7% of the company's shares are sold short. Based on an average daily volume of 402,300 shares, the days-to-cover ratio is currently 3.1 days.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on BLZE. B. Riley increased their target price on Backblaze from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. Oppenheimer raised their price target on Backblaze from $7.50 to $11.00 and gave the company an "outperform" rating in a report on Friday, February 16th. Finally, Raymond James raised their price target on Backblaze from $12.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, February 16th.
View Our Latest Stock Report on Backblaze
Insider Buying and Selling
In related news, VP Tina Cessna sold 20,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $9.95, for a total transaction of $199,000.00. Following the completion of the sale, the vice president now owns 121,083 shares of the company's stock, valued at approximately $1,204,775.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Francis P. Patchel sold 3,434 shares of the company's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $9.84, for a total transaction of $33,790.56. Following the sale, the chief financial officer now directly owns 178,575 shares of the company's stock, valued at approximately $1,757,178. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Tina Cessna sold 20,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $9.95, for a total value of $199,000.00. Following the completion of the sale, the vice president now directly owns 121,083 shares in the company, valued at $1,204,775.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,429 shares of company stock valued at $851,676. 27.14% of the stock is currently owned by corporate insiders.
Institutional Trading of Backblaze
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in Backblaze by 275.9% in the 1st quarter. Royal Bank of Canada now owns 2,819 shares of the company's stock valued at $30,000 after buying an additional 2,069 shares during the period. Cutler Group LLC CA raised its stake in shares of Backblaze by 553.0% in the 4th quarter. Cutler Group LLC CA now owns 3,918 shares of the company's stock valued at $29,000 after buying an additional 3,318 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Backblaze in the 3rd quarter valued at $34,000. AJOVista LLC acquired a new position in shares of Backblaze in the 4th quarter valued at $67,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Backblaze in the 4th quarter valued at $76,000. Institutional investors and hedge funds own 54.03% of the company's stock.
Backblaze Stock Down 3.1 %
NASDAQ BLZE traded down $0.30 during trading on Friday, reaching $9.49. 326,016 shares of the company's stock were exchanged, compared to its average volume of 238,601. Backblaze has a fifty-two week low of $3.50 and a fifty-two week high of $12.65. The company's fifty day simple moving average is $10.20 and its 200-day simple moving average is $7.91. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $390.99 million, a PE ratio of -5.75 and a beta of 1.20.
Backblaze (NASDAQ:BLZE - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.34) by $0.04. Backblaze had a negative return on equity of 105.94% and a negative net margin of 57.70%. The company had revenue of $28.74 million during the quarter, compared to the consensus estimate of $28.18 million. Sell-side analysts predict that Backblaze will post -1.12 EPS for the current year.
About Backblaze
(
Get Free Report)
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.
Recommended Stories
Before you consider Backblaze, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Backblaze wasn't on the list.
While Backblaze currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
