Kwok Hang Ng Sells 2,000 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZEGet Rating) major shareholder Kwok Hang Ng sold 2,000 shares of the firm’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of 6.18, for a total value of 12,360.00. Following the sale, the insider now directly owns 530,000 shares of the company’s stock, valued at approximately 3,275,400. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

  • On Tuesday, May 31st, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The shares were sold at an average price of 6.34, for a total value of 12,680.00.
  • On Monday, May 23rd, Kwok Hang Ng sold 2,000 shares of Backblaze stock. The shares were 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 shares were 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 shares were 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 during trading on Thursday, hitting 6.31. The company’s stock had a trading volume of 161,000 shares, compared to its average volume of 135,671. Backblaze, Inc. has a twelve month low of 5.28 and a twelve month high of 36.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05. The stock’s fifty day moving average price is 8.67 and its 200-day moving average price is 13.47.

Backblaze (NASDAQ:BLZEGet Rating) last issued its earnings results 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 the consensus estimate of 19.31 million. On average, equities analysts anticipate that Backblaze, Inc. will post -1.62 EPS for the current year.

A number of research firms recently commented on BLZE. B. Riley dropped their price target on Backblaze from $23.00 to $16.50 in a research note on Friday, May 6th. Raymond James decreased their target price on Backblaze from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, February 18th. Zacks Investment Research cut Backblaze from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Lake Street Capital decreased their target price on Backblaze from $21.00 to $13.00 in a research report on Friday, May 6th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Backblaze presently has an average rating of “Buy” and a consensus target price of 20.38.

A number of institutional investors have recently made changes to their positions in BLZE. Clal Insurance Enterprises Holdings Ltd bought a new stake in Backblaze during the fourth quarter worth $17,339,000. Vanguard Group Inc. grew its holdings in Backblaze by 269.7% during the first quarter. Vanguard Group Inc. now owns 412,992 shares of the company’s stock worth $4,407,000 after buying an additional 301,271 shares in the last quarter. Marshall Wace LLP bought a new stake in Backblaze during the fourth quarter worth $3,382,000. Davidson Kempner Capital Management LP bought a new stake in Backblaze during the fourth quarter worth $3,374,000. Finally, BlackRock Inc. bought a new position in Backblaze in the 4th quarter valued at $1,818,000. Institutional investors and hedge funds 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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