Gleb Budman Sells 2,863 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) CEO Gleb Budman sold 2,863 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $6.61, for a total value of $18,924.43. Following the sale, the chief executive officer now directly owns 1,867,356 shares of the company's stock, valued at approximately $12,343,223.16. This represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Backblaze Price Performance

NASDAQ:BLZE traded down $0.10 during trading hours on Friday, hitting $5.41. The company's stock had a trading volume of 534,371 shares, compared to its average volume of 355,400. The business's 50-day moving average is $6.48 and its two-hundred day moving average is $6.56. The company has a market capitalization of $240.20 million, a PE ratio of -4.87 and a beta of 0.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze, Inc. has a 52-week low of $4.91 and a 52-week high of $12.65.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. AWM Investment Company Inc. increased its position in shares of Backblaze by 2,664.4% in the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company's stock valued at $16,755,000 after buying an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC purchased a new position in shares of Backblaze in the fourth quarter valued at $10,836,000. First Eagle Investment Management LLC increased its position in shares of Backblaze by 4.5% in the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company's stock valued at $6,986,000 after buying an additional 49,800 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Backblaze by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock valued at $5,273,000 after buying an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Backblaze by 21.2% in the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company's stock valued at $3,749,000 after buying an additional 108,884 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company's stock.

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Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BLZE shares. B. Riley decreased their price target on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a report on Tuesday, February 18th. Raymond James increased their price target on Backblaze from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Finally, Lake Street Capital decreased their price target on Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Backblaze presently has a consensus rating of "Buy" and an average target price of $11.40.

About Backblaze

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.