Verition Fund Management LLC Has $101,000 Stake in Backblaze, Inc. (NASDAQ:BLZE)

Verition Fund Management LLC lifted its holdings in Backblaze, Inc. (NASDAQ:BLZE) by 15.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,800 shares of the company’s stock after acquiring an additional 2,106 shares during the quarter. Verition Fund Management LLC’s holdings in Backblaze were worth $101,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp bought a new stake in shares of Backblaze during the second quarter worth $701,000. The Manufacturers Life Insurance Company acquired a new stake in Backblaze in the 2nd quarter valued at about $102,000. Los Angeles Capital Management LLC bought a new position in shares of Backblaze in the third quarter worth about $944,000. Cerity Partners LLC acquired a new position in shares of Backblaze during the third quarter worth approximately $640,000. Finally, First Eagle Investment Management LLC grew its stake in shares of Backblaze by 50.6% during the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after purchasing an additional 367,500 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

Backblaze Trading Up 0.6 %

Shares of NASDAQ:BLZE opened at $6.80 on Tuesday. The firm has a market cap of $301.92 million, a price-to-earnings ratio of -6.13 and a beta of 0.91. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The company’s fifty day simple moving average is $6.92 and its 200 day simple moving average is $6.42. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The business had revenue of $32.59 million for the quarter, compared to the consensus estimate of $32.54 million. During the same period in the prior year, the business earned ($0.43) earnings per share. As a group, research analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Insider Transactions at Backblaze

In other Backblaze news, VP Tina Cessna sold 8,874 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the sale, the vice president now owns 144,566 shares in the company, valued at $928,113.72. This represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the transaction, the chief executive officer now owns 1,864,646 shares of the company’s stock, valued at $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BLZE. Craig Hallum upped their price objective on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Raymond James upped their price target on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th.

About Backblaze

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.