Backblaze, Inc. (NASDAQ:BLZE) short interest fell 11.3% in September

VaselineSeptember 29, 2024

0 3 minutes read

Backblaze, Inc. (NASDAQ:BLZE – Get Free Report ) saw a large drop in short interest in September. As of September 15th, there was short interest totaling 1,330,000 shares, down 11.3% from the August 31st total of 1,500,000 shares. Based on an average daily volume of 379,500 shares, the short interest rate is currently 3.5 days. Currently, 4.6% of the company’s shares are short sold.

Insider trading at Backblaze

In other Backblaze news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the completion of the sale, the vice president now directly owns 153,440 shares in the company, valued at $989,688. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news, Director Barbara H. Nelson sold 16,000 shares of Backblaze stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.79, for a total value of $108,640.00. Following the transaction, the director now owns 62,346 shares of the company’s stock, valued at $423,329.34. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, VP Tina Cessna sold 3,894 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total transaction of $25,116.30. Following the completion of the sale, the vice president now owns 153,440 shares of the company’s stock, valued at $989,688. The disclosure for this sale can be found here. Insiders have sold 47,483 shares of company stock worth $311,530 over the last three months. Corporate insiders own 5.20% of the company’s shares.

Hedge funds weigh in on Backblaze

A number of hedge funds and other institutional investors have recently made changes to their positions in BLZE. Scalar Gauge Management LLC purchased a new position in Backblaze in the fourth quarter valued at approximately $1,677,000. Virtu Financial LLC bought a new position in shares of Backblaze during the 4th quarter worth approximately $252,000. Checchi Capital Advisers LLC acquired a new stake in Backblaze in the first quarter valued at $318,000. Essex Investment Management Co. LLC bought a new stake in Backblaze in the first quarter valued at $2,048,000. Finally, First Eagle Investment Management LLC boosted its stake in Backblaze by 10.2% in the first quarter. First Eagle Investment Management LLC now owns 726,990 shares of the company’s stock worth $7,437,000 after purchasing an additional 67,475 shares in the last quarter. 54.03% of shares are held by institutional investors.

The Wall Street analyst weighs in

Want more great investment ideas?

A number of research firms have weighed in on BLZE. Oppenheimer cut their price target on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Craig Hallum boosted their price objective on Backblaze from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, August 9th.

See the latest stock report on Backblaze

Backblaze stock performance

Shares of BLZE traded up $0.13 during trading on Friday, reaching $6.38. 298,372 shares of the stock exchanged hands, compared to its average volume of 363,069. Backblaze has a 12 month low of $4.80 and a 12 month high of $12.65. The company has a current ratio of 0.61, a quick ratio of 0.61, and a debt-to-equity ratio of 0.34. The company has a market cap of $264.77 million, a P/E ratio of -4.49 and a beta of 1.01. The stock has a 50-day simple moving average of $6.17 and a 200-day simple moving average of $7.29.

Backblaze (NASDAQ:BLZE – Get Your Free Report ) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The firm had revenue of $31.29 million for the quarter, compared to analyst estimates of $30.93 million. Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. During the same period in the previous year, the business posted EPS of ($0.38). As a group, sell-side analysts anticipate that Backblaze will post -0.99 earnings per share for the current year.

About Backblaze

(Get a free report)

Backblaze, Inc, a cloud storage platform, provides businesses and consumers with cloud services to store, use and protect data in the United States and internationally. The company provides cloud services through a web-scale software infrastructure built on core hardware. It also offers Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications and partners to expand their use cases.