Following a hot IPO, Backblaze (NASDAQ: BLZE) stock is extending its rally today by a further 10%, fueling cloud stock by more than 100% in the last week. Retail traders are fueling the fire here, with investors backing the cloud storage company from last week’s IPO.
The stock has surged almost 70% since the IPO on the 11th of November, smashing the $16 IPO target set on Thursday last week, with the price now pushing towards the $34.00 level. Blaze stock seems to be set to continue how it has been; with consecutive days of solid gains, bulls are active and are continuing to drive the fledgling stock, bringing the entirety of cloud-based stock with it.
An alluring company in a thriving sector, Blaze riled up investors from the get-go – reinvigorating the cloud sector as an investment space set to balloon with global digitalization, yet many argue that the realms of the metaverse and increasing blockchain technology are the encroaching big-brother – set to displace the promise of cloud technology. Still, other could based services such as Sage have seen increased demand over 2021.
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Currently, BLZE stock is showing a daily gain of 5.56%, losing some premarket momentum but still adding another consecutive day of gains. With no new news or company announcements, it’s simply IPO hype that has got investors charged, but how long will it last?