Insider Selling Alert: Backblaze, Inc. (NASDAQ:BLZE) Senior VP Unloads $63K Worth of Stock
Backblaze, Inc.'s Senior Vice President of Engineering, Tina Cessna, recently sold nearly 10,000 shares of company stock, raking in over $63,000. These sales were part of a predetermined strategy to cover tax obligations, not a reflection of her confidence in the company's future.
Despite these sales, Cessna still holds a significant stake in Backblaze, with over 153,000 shares remaining. The company recently reported strong financial results, exceeding revenue expectations and appointing key executives.
Investors should take note of insider transactions like Cessna's but also consider the broader financial picture. Backblaze's current lack of profitability, high Price/Book ratio, and negative stock performance raise concerns about its valuation.
For a more in-depth analysis of Backblaze's financial health and stock valuation, investors can turn to InvestingPro for valuable insights and tips. With additional information from InvestingPro, investors can make more informed decisions about investing in Backblaze.