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SAN MATEO, CA—Tina Cessna, Senior Vice President of Engineering at Backblaze , Inc. (NASDAQ:BLZE), recently reported a series of stock transactions, including sales totaling $33,217. According to the SEC filing, Cessna sold a total of 5,076 shares of Class A Common Stock over several days, with prices ranging from $6.30 to $6.61 per share. The cloud storage company, currently valued at $349 million, has demonstrated strong revenue growth of 25% over the last twelve months, according to InvestingPro data.
In addition to the sales, Cessna acquired 5,076 shares on February 26 through vested restricted stock units (RSUs) at a price of $6.68 per share, amounting to $33,907. The transactions included a mandatory sell-to-cover to meet tax withholding obligations related to RSU vesting, as per Backblaze’s equity incentive plans. With the stock currently trading at $6.01, analysts maintain a strong buy consensus with price targets ranging from $10 to $15.90, suggesting potential upside. InvestingPro analysis indicates the stock is currently undervalued.
Following these transactions, Cessna holds a total of 138,062 shares in the company. Discover more insights about BLZE and 1,400+ other stocks through comprehensive InvestingPro Research Reports, featuring detailed financial analysis and expert recommendations.
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 above the anticipated $33.64 million, marking an 18% year-over-year growth. The B2 Cloud Storage segment significantly contributed to this growth, with a 22% increase year-over-year, generating $17.1 million in revenue. Backblaze’s adjusted EBITDA more than doubled from the previous year, indicating improved operational efficiency. The company projects full-year 2025 revenue between $144 million and $146 million, with first-quarter guidance set between $34.1 million and $34.5 million. Analysts from firms like Craig Hallum Capital Group and Oppenheimer have shown interest in Backblaze’s strategic initiatives, particularly its focus on AI and cloud storage markets. The company aims to achieve an adjusted EBITDA margin above 20% by the end of 2025, reflecting its commitment to growth and profitability. Additionally, the company has been expanding its data center presence, including a new facility in Canada, further supporting its global growth strategy.
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