Scalar Gauge Management LLC Increases Stake in Backblaze, Inc. (NASDAQ:BLZE)

Scalar Gauge Management LLC boosted its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 6.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 250,887 shares of the company’s stock after purchasing an additional 15,000 shares during the period. Backblaze makes up about 0.9% of Scalar Gauge Management LLC’s portfolio, making the stock its 27th biggest position. Scalar Gauge Management LLC owned approximately 0.60% of Backblaze worth $1,545,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. XTX Topco Ltd increased its holdings in shares of Backblaze by 90.7% in the second quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock valued at $215,000 after purchasing an additional 16,577 shares during the period. First Eagle Investment Management LLC increased its holdings in Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after buying an additional 367,500 shares during the period. ClariVest Asset Management LLC raised its position in Backblaze by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock worth $465,000 after buying an additional 2,154 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Backblaze by 3,750.3% in the 2nd quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock valued at $292,000 after acquiring an additional 46,241 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Backblaze in the second quarter worth $701,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

BLZE has been the subject of a number of research reports. Oppenheimer decreased their target price on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Craig Hallum upped their target price on Backblaze from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, August 9th.

Backblaze Stock Performance

Shares of NASDAQ BLZE opened at $6.04 on Tuesday. The company has a market capitalization of $250.66 million, a PE ratio of -4.25 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.61 and a current ratio of 0.61. The company’s fifty day moving average price is $6.19 and its 200 day moving average price is $7.40. Backblaze, Inc. has a 1 year low of $4.80 and a 1 year high of $12.65.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). The business had revenue of $31.29 million for the quarter, compared to analyst estimates of $30.93 million. Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. During the same quarter last year, the business earned ($0.38) earnings per share. On average, research analysts predict that Backblaze, Inc. will post -0.99 earnings per share for the current year.

Insider Activity at Backblaze

In other news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the sale, the vice president now owns 153,440 shares in the company, valued at $989,688. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Gleb Budman sold 4,527 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $29,199.15. Following the completion of the transaction, the chief executive officer now directly owns 1,874,967 shares of the company’s stock, valued at approximately $12,093,537.15. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Tina Cessna sold 3,894 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the completion of the transaction, the vice president now owns 153,440 shares in the company, valued at approximately $989,688. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,483 shares of company stock valued at $311,530. 5.20% of the stock is owned by company insiders.

Backblaze Company 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.