Backblaze, Inc. (NASDAQ:BLZE) Position Trimmed by Quantbot Technologies LP

Quantbot Technologies LP lowered its stake in Backblaze, Inc. (NASDAQ:BLZE) by 26.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,255 shares of the company’s stock after selling 2,598 shares during the period. Quantbot Technologies LP’s holdings in Backblaze were worth $46,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of BLZE. The Manufacturers Life Insurance Company acquired a new stake in shares of Backblaze during the second quarter worth $102,000. SG Americas Securities LLC increased its stake in Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock worth $131,000 after purchasing an additional 9,720 shares in the last quarter. Tempus Wealth Planning LLC acquired a new stake in Backblaze during the 3rd quarter worth about $157,000. XTX Topco Ltd lifted its stake in Backblaze by 90.7% during the second quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock valued at $215,000 after buying an additional 16,577 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Backblaze by 3,750.3% in the second quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock worth $292,000 after buying an additional 46,241 shares during the period. Institutional investors and hedge funds own 54.03% of the company’s stock.

Insider Buying and Selling at Backblaze

In related news, CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $66,260.82. Following the completion of the sale, the chief executive officer now directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $56,971.08. Following the transaction, the vice president now owns 144,566 shares in the company, valued at approximately $928,113.72. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.

Backblaze Price Performance

NASDAQ BLZE opened at $6.88 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $305.47 million, a price-to-earnings ratio of -6.20 and a beta of 0.91. The company has a 50 day simple moving average of $6.84 and a 200-day simple moving average of $6.41. Backblaze, Inc. has a 52-week low of $4.91 and a 52-week high of $12.65.

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

Wall Street Analysts Forecast Growth

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

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.