How did BLZE's Q4 earnings surprise impact investor sentiment?

**Backblaze's (BLZE) Q4 earnings surprise had a complex impact on investor sentiment**, as evidenced by the following points:

1. **Earnings Surprise**: Backblaze reported an EPS surprise of $0.03 for Q4 Fiscal 2024, which was a positive development given the company's previous performance and market expectations.

2. **Insider Selling**: Around the same time, there was notable insider selling activity. CEO Gleb Budman sold a total of $22,817.66 worth of shares, and other insiders, including VP Tina Cessna and CFO Francis P. Patchel, also sold significant amounts of stock. This could be interpreted as a lack of confidence in the company's future prospects, potentially dampening investor sentiment.
3. **Analyst Ratings**: Despite the earnings surprise, Backblaze has a consensus rating of "Buy" from analysts, with a target price of $12.60. This suggests that some investors may still have confidence in the company's potential, but the insider selling activity could be a red flag for others.
4. **Stock Performance**: Backblaze's stock has experienced volatility, with a 52-week low of $4.64 and a 52-week high of $12.65. The recent price of $4.26 indicates that the stock may be under pressure, which could be due to a combination of factors including the earnings surprise and insider selling.

In conclusion, while the Q4 earnings surprise may have initially lifted investor sentiment due to the positive EPS surprise, the subsequent insider selling activity likely weighed on sentiment in the long run. The mixed signals from both the earnings report and the insider actions may have led to a cautious approach from investors, reflected in the stock's performance and analyst ratings.