Backblaze (NASDAQ:BLZE - Free Report) had its target price reduced by B. Riley from $11.50 to $11.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock. B. Riley also issued estimates for Backblaze's Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($0.99) EPS, Q1 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.72) EPS.
A number of other analysts have also weighed in on BLZE. Craig Hallum raised their price target on shares of Backblaze from $10.00 to $11.00 and gave the company a "buy" rating in a report on Monday, October 21st. Raymond James lifted their price objective on Backblaze from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th.
Check Out Our Latest Research Report on BLZE
Backblaze Price Performance
NASDAQ BLZE traded down $0.24 on Tuesday, hitting $7.21. 750,528 shares of the company were exchanged, compared to its average volume of 331,710. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The company has a market cap of $320.12 million, a P/E ratio of -6.50 and a beta of 0.92. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The firm has a 50 day moving average of $6.51 and a two-hundred day moving average of $6.54.
Insider Buying and Selling
In related news, VP Tina Cessna sold 8,874 shares of Backblaze stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the transaction, the vice president now directly owns 144,566 shares of the company's stock, valued at $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gleb Budman sold 10,321 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $66,260.82. Following the completion of the sale, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after purchasing an additional 1,992 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company's stock valued at $508,000 after acquiring an additional 2,105 shares during the period. Verition Fund Management LLC boosted its stake in Backblaze by 15.4% during the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company's stock worth $101,000 after acquiring an additional 2,106 shares in the last quarter. EntryPoint Capital LLC raised its holdings in shares of Backblaze by 20.8% during the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company's stock valued at $142,000 after purchasing an additional 4,054 shares during the period. Finally, Quantbot Technologies LP grew its stake in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after buying an additional 4,393 shares during the period. 54.03% of the stock is owned by institutional investors and hedge funds.
Backblaze Company Profile
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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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