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Backblaze , Inc. (NASDAQ:BLZE) Chief Financial Officer Suidan Marc recently made several transactions involving the company’s Class A Common Stock, according to a Form 4 filing with the SEC. On February 26, 2025, Marc acquired 10,178 shares at a price of $6.68 per share, totaling approximately $67,989. This acquisition was related to the vesting of restricted stock units and was not a discretionary purchase. According to InvestingPro data, the company shows promising growth with revenue increasing 25.1% over the last twelve months.
Following this, Marc sold a total of 4,387 shares over two days. On February 27, he sold 1,974 shares at an average price of $6.61, and on February 28, he sold an additional 2,413 shares at an average price of $6.30. These sales collectively amounted to $28,250. The transactions were executed to cover tax withholding obligations associated with the vesting of restricted stock units, as mandated by Backblaze’s equity incentive plans. InvestingPro analysis indicates the stock is currently undervalued, with analysts setting price targets between $10 and $15.90.
After these transactions, Marc holds 305,791 shares of Backblaze. The company maintains a FAIR financial health score according to InvestingPro, which offers comprehensive analysis and additional insights through its detailed Pro Research Report, available for over 1,400 US stocks.
In other recent news, Backblaze Inc. reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of -0.06, compared to the forecasted -0.09. The company’s revenue reached $33.8 million, slightly exceeding the anticipated $33.64 million, driven by a 22% year-over-year growth in its B2 Cloud Storage segment. This positive performance contributed to an 18% year-over-year increase in overall revenue. Backblaze aims for significant growth in the AI and cloud storage markets, with projections for full-year 2025 revenue between $144 million and $146 million. The company also anticipates B2 growth exceeding 30% by the end of 2025. In terms of financial health, Backblaze’s adjusted EBITDA more than doubled from the prior year, reaching $4.6 million, representing 14% of revenue. The company’s strategic initiatives and operational improvements have positioned it well in the competitive cloud storage market. As part of its growth strategy, Backblaze is focusing on AI data pipeline solutions and expanding its data center presence.
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