Backblaze, Inc. (NASDAQ:BLZE) Major Shareholder Sells 12,680.00 in Stock

Posted by on Jun 3rd, 2022

Backblaze, Inc. (NASDAQ:BLZE – Get Rating) major shareholder Kwok Hang Ng sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of 6.34, for a total value of 12,680.00. Following the transaction, the insider now directly owns 534,000 shares in the company, valued at approximately 3,385,560. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Kwok Hang Ng also recently made the following trade(s):

  • On Thursday, June 2nd, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The shares were sold at an average price of 6.18, for a total value of 12,360.00.
  • On Monday, May 23rd, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The stock was sold at an average price of 5.75, for a total value of 11,500.00.
  • On Friday, May 20th, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The stock was sold at an average price of 5.86, for a total value of 11,720.00.
  • On Monday, May 16th, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The stock was sold at an average price of 6.22, for a total value of 12,440.00.
  • On Thursday, May 12th, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The stock was sold at an average price of 6.03, for a total value of 12,060.00.
  • On Tuesday, May 10th, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The shares were sold at an average price of 6.69, for a total value of 13,380.00.

BLZE traded up 0.23 on Thursday, hitting 6.31. 161,000 shares of the company were exchanged, compared to its average volume of 135,671. The firm has a fifty day simple moving average of 8.67 and a two-hundred day simple moving average of 13.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05. Backblaze, Inc. has a 12 month low of 5.28 and a 12 month high of 36.50.

Backblaze (NASDAQ:BLZE – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported -0.41 earnings per share for the quarter, missing analysts’ consensus estimates of -0.37 by -0.04. The firm had revenue of 19.49 million during the quarter, compared to analysts’ expectations of 19.31 million. As a group, analysts predict that Backblaze, Inc. will post -1.62 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Backblaze in the 4th quarter valued at approximately $29,000. Royal Bank of Canada raised its stake in Backblaze by 275.9% during the first 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 last quarter. ETF Managers Group LLC purchased a new position in shares of Backblaze in the fourth quarter worth $42,000. Goldman Sachs Group Inc. purchased a new position in shares of Backblaze in the first quarter worth $117,000. Finally, Blair William & Co. IL purchased a new position in shares of Backblaze in the first quarter worth $140,000. Hedge funds and other institutional investors own 12.85% of the company’s stock.

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

Backblaze Company Profile (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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