R Squared Ltd Buys New Position in Backblaze, Inc. (NASDAQ:BLZE)

R Squared Ltd bought a new stake in shares of Backblaze, Inc. (NASDAQ:BLZE) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,260 shares of the company’s stock, valued at approximately $38,000.

A number of other hedge funds also recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Backblaze by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after purchasing an additional 21,593 shares in the last quarter. State Street Corp raised its position in Backblaze by 29.7% in the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after purchasing an additional 138,917 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Backblaze by 45.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after purchasing an additional 106,285 shares in the last quarter. Scalar Gauge Management LLC raised its position in Backblaze by 19.9% in the 3rd quarter. Scalar Gauge Management LLC now owns 300,887 shares of the company’s stock valued at $1,923,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Backblaze in the 3rd quarter valued at about $944,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Price Performance

Shares of NASDAQ BLZE opened at $6.05 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The firm has a market capitalization of $268.62 million, a PE ratio of -5.45 and a beta of 0.92. The stock’s 50-day simple moving average is $6.43 and its 200-day simple moving average is $6.47.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Raymond James increased their price target on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Craig Hallum raised their target price on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, October 21st.

Insider Buying and Selling at Backblaze

In other Backblaze news, VP Tina Cessna sold 8,874 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the sale, the vice president now directly owns 144,566 shares in the company, valued at approximately $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gleb Budman sold 10,321 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. The trade was 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.

Backblaze Profile

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.