Backblaze drops after $30 mln stock offering launch

Backblaze

20/11/2024 21:31

** Shares of cloud firm Backblaze  BLZE.O  down 9.2% at $5.66
post-market as it looks to raise equity
** San Mateo, California-based co launches $30 mln stock
offering
    ** Oppenheimer and Needham jt bookrunners
    ** BLZE shares on Weds closed down 1.3% at $6.23. YTD, stock
off 18%
    ** With ~44.4 mln shares outstanding, co has ~$277 mln
market cap, per LSEG data
    ** All 7 analysts covering BLZE are bullish, including 2
"strong buy" ratings; median PT is $12
     

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.thomsonreuters.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))