Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 51.5% in June

Backblaze, Inc. (NASDAQ:BLZE) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 703,900 shares, a growth of 51.5% from the May 31st total of 464,700 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average trading volume of 299,900 shares, the days-to-cover ratio is currently 2.3 days.

Insider Transactions at Backblaze

In other Backblaze news, CFO Francis P. Patchel sold 10,328 shares of Backblaze stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $6.45, for a total value of $66,615.60. Following the sale, the chief financial officer now directly owns 162,653 shares in the company, valued at approximately $1,049,111.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 20,058 shares of company stock valued at $131,703 in the last ninety days. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BLZE. Cutler Group LLC CA grew its stake in shares of Backblaze by 553.0% in the fourth quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock valued at $29,000 after acquiring an additional 3,318 shares in the last quarter. AJOVista LLC acquired a new position in shares of Backblaze during the 4th quarter worth approximately $67,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Backblaze during the fourth quarter worth approximately $76,000. Tower Research Capital LLC TRC acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $86,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Backblaze in the first quarter valued at approximately $154,000. Institutional investors own 54.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer upped their price objective on Backblaze from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th.

Backblaze Price Performance

NASDAQ:BLZE opened at $6.16 on Monday. The firm’s fifty day moving average price is $7.16 and its two-hundred day moving average price is $8.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market cap of $255.64 million, a P/E ratio of -4.34 and a beta of 1.02. Backblaze has a one year low of $3.82 and a one year high of $12.65.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $29.97 million during the quarter, compared to analysts’ expectations of $29.75 million. Backblaze had a negative return on equity of 105.67% and a negative net margin of 48.62%. Equities analysts expect that Backblaze will post -1.09 earnings per share for the current year.

Backblaze Company Profile

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.