Backblaze, Inc. (NASDAQ:BLZE) Major Shareholder Charles J. Jones Sells 2,000 Shares

Backblaze, Inc. (NASDAQ:BLZE – Get Rating) major shareholder Charles J. Jones sold 2,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of 5.63, for a total value of 11,260.00. Following the completion of the sale, the insider now directly owns 540,000 shares in the company, valued at approximately 3,040,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

NASDAQ BLZE traded up 0.10 during trading hours on Friday, hitting 6.14. 194,000 shares of the company’s stock were exchanged, compared to its average volume of 135,808. The business’s 50 day moving average is 9.18 and its 200-day moving average is 13.92. Backblaze, Inc. has a 12-month low of 5.28 and a 12-month high of 36.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.05 and a current ratio of 2.05.

Backblaze (NASDAQ:BLZE – Get Rating) last released its earnings results on Thursday, May 5th. The company reported -0.41 earnings per share for the quarter, missing the consensus estimate of -0.37 by -0.04. The company had revenue of 19.49 million during the quarter, compared to analysts’ expectations of 19.31 million. On average, research analysts predict that Backblaze, Inc. will post -1.62 earnings per share for the current year.

Several analysts have weighed in on the company. Zacks Investment Research raised Backblaze from a “sell” rating to a “hold” rating in a report on Friday. B. Riley lowered their target price on Backblaze from $23.00 to $16.50 in a report on Friday, May 6th. Lake Street Capital decreased their price objective on Backblaze from $21.00 to $13.00 in a research note on Friday, May 6th. Finally, Raymond James decreased their price objective on Backblaze from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday, February 18th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Backblaze currently has an average rating of “Buy” and a consensus price target of 20.38.

Several institutional investors have recently added to or reduced their stakes in BLZE. Steward Partners Investment Advisory LLC purchased a new position in shares of Backblaze in the 4th quarter worth about $29,000. Royal Bank of Canada raised its holdings in shares of Backblaze by 275.9% in the 1st quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after purchasing an additional 2,069 shares during the period. ETF Managers Group LLC purchased a new position in shares of Backblaze in the 4th quarter worth about $42,000. Goldman Sachs Group Inc. purchased a new position in shares of Backblaze in the 1st quarter worth about $117,000. Finally, Blair William & Co. IL purchased a new position in shares of Backblaze in the 1st quarter worth about $140,000. Institutional investors own 12.85% of the company’s stock.

About Backblaze (Get Rating)

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.

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