Backblaze, Inc. (NASDAQ:BLZE) Short Interest Update

Backblaze, Inc. (NASDAQ:BLZE) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totalling 1,240,000 shares, a drop of 12.7% from the March 15th total of 1,420,000 shares. Currently, 4.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 402,300 shares, the short-interest ratio is currently 3.1 days.

Backblaze Stock Up 0.3 %

BLZE traded up $0.03 during midday trading on Tuesday, hitting $9.11. The company had a trading volume of 160,124 shares, compared to its average volume of 380,110. Backblaze has a 52 week low of $3.50 and a 52 week high of $12.65. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $375.33 million, a price-to-earnings ratio of -5.52 and a beta of 1.20. The stock’s 50 day moving average price is $10.22 and its 200 day moving average price is $7.96.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. Backblaze had a negative net margin of 57.70% and a negative return on equity of 105.94%. The firm had revenue of $28.74 million during the quarter, compared to the consensus estimate of $28.18 million. On average, research analysts anticipate that Backblaze will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Backblaze

In other Backblaze news, CEO Gleb Budman sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $10.66, for a total value of $533,000.00. Following the sale, the chief executive officer now owns 1,698,715 shares in the company, valued at $18,108,301.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Tina Cessna sold 20,000 shares of Backblaze stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $9.95, for a total transaction of $199,000.00. Following the transaction, the vice president now owns 121,083 shares in the company, valued at $1,204,775.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gleb Budman sold 50,000 shares of Backblaze stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.66, for a total transaction of $533,000.00. Following the transaction, the chief executive officer now owns 1,698,715 shares in the company, valued at approximately $18,108,301.90. The disclosure for this sale can be found here. Insiders have sold 81,429 shares of company stock worth $851,676 over the last quarter. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Backblaze by 8.8% during the fourth quarter. Vanguard Group Inc. now owns 1,637,064 shares of the company’s stock worth $12,425,000 after acquiring an additional 132,263 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Backblaze during the fourth quarter worth about $252,000. GSA Capital Partners LLP increased its position in shares of Backblaze by 16.8% during the fourth quarter. GSA Capital Partners LLP now owns 93,674 shares of the company’s stock worth $711,000 after acquiring an additional 13,472 shares in the last quarter. Barclays PLC increased its position in shares of Backblaze by 31.7% during the fourth quarter. Barclays PLC now owns 67,407 shares of the company’s stock worth $512,000 after acquiring an additional 16,239 shares in the last quarter. Finally, Scalar Gauge Management LLC bought a new stake in shares of Backblaze during the fourth quarter worth about $1,677,000. 54.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BLZE has been the topic of several recent analyst reports. Raymond James boosted their target price on shares of Backblaze from $12.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, February 16th. B. Riley boosted their target price on shares of Backblaze from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Oppenheimer boosted their target price on shares of Backblaze from $7.50 to $11.00 and gave the company an “outperform” rating in a report on Friday, February 16th.

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.