Braze, Inc. (NASDAQ:BRZE) Sees Significant Drop in Short Interest

Braze, Inc. (NASDAQ:BRZE) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 4,020,000 shares, a drop of 9.9% from the October 15th total of 4,460,000 shares. Currently, 5.5% of the shares of the stock are short sold. Based on an average trading volume of 1,220,000 shares, the short-interest ratio is currently 3.3 days.

Braze Price Performance

NASDAQ BRZE traded down $0.97 on Monday, hitting $34.09. The stock had a trading volume of 697,913 shares, compared to its average volume of 1,030,104. Braze has a 52-week low of $29.18 and a 52-week high of $61.53. The business’s fifty day moving average price is $32.83 and its 200 day moving average price is $37.58. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -29.71 and a beta of 1.03.

Braze (NASDAQ:BRZE) last released its earnings results on Thursday, September 5th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The company had revenue of $145.50 million during the quarter, compared to analysts’ expectations of $141.32 million. During the same period last year, the business earned ($0.30) EPS. Braze’s revenue for the quarter was up 26.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Braze will post -1.02 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Braze from $55.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Macquarie initiated coverage on Braze in a research note on Thursday, October 31st. They set a “neutral” rating and a $30.00 price objective on the stock. Piper Sandler lowered their price objective on Braze from $51.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Braze in a research note on Tuesday, September 24th. Finally, TD Cowen reduced their target price on Braze from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.47.

Insider Activity at Braze

In other Braze news, CFO Isabelle Winkles sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $45.15, for a total transaction of $451,500.00. Following the completion of the transaction, the chief financial officer now owns 216,208 shares in the company, valued at $9,761,791.20. This trade represents a 4.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Myles Kleeger sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $45.65, for a total value of $2,282,500.00. Following the sale, the insider now directly owns 199,963 shares in the company, valued at $9,128,310.95. This trade represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 149,161 shares of company stock valued at $5,800,781. Corporate insiders own 24.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Covestor Ltd grew its holdings in Braze by 401.1% during the first quarter. Covestor Ltd now owns 922 shares of the company’s stock worth $41,000 after acquiring an additional 738 shares during the period. Quarry LP purchased a new stake in Braze during the second quarter worth $50,000. Comerica Bank grew its position in Braze by 29.4% during the first quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after buying an additional 276 shares during the period. KBC Group NV increased its holdings in Braze by 41.5% in the third quarter. KBC Group NV now owns 2,097 shares of the company’s stock valued at $68,000 after buying an additional 615 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of Braze by 18.9% in the third quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock worth $73,000 after acquiring an additional 358 shares during the period. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers Braze software development kits that automatically manage data ingestion and deliver mobile and web notifications, in-application/in-browser interstitial messages, and content cards; REST API that can be used to import or export data or to trigger workflows between Braze and brands' existing technology stacks; Partner Data Integrations, which allow brands to sync user cohorts from partners; Data Transformation, in which brands can programmatically sync and transform user data; and Braze Cloud Data Ingestion that enables brands to harness their customer data.