AWM Investment Company Inc. raised its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 9.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,043,926 shares of the company's stock after buying an additional 260,768 shares during the quarter. Backblaze makes up about 2.0% of AWM Investment Company Inc.'s investment portfolio, making the stock its 17th largest holding. AWM Investment Company Inc. owned about 5.61% of Backblaze worth $14,702,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Backblaze by 36.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,519 shares of the company's stock valued at $3,364,000 after buying an additional 186,124 shares during the last quarter. Millennium Management LLC increased its position in Backblaze by 21.2% in the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company's stock valued at $3,749,000 after acquiring an additional 108,884 shares during the period. P.A.W. Capital Corp increased its position in Backblaze by 25.0% in the 1st quarter. P.A.W. Capital Corp now owns 400,000 shares of the company's stock valued at $1,932,000 after acquiring an additional 80,000 shares during the period. Northern Trust Corp increased its position in Backblaze by 21.5% in the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company's stock valued at $2,291,000 after acquiring an additional 67,281 shares during the period. Finally, Two Sigma Investments LP increased its position in Backblaze by 11.0% in the 4th quarter. Two Sigma Investments LP now owns 272,838 shares of the company's stock valued at $1,642,000 after acquiring an additional 27,139 shares during the period. 54.03% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on BLZE shares. Citizens Jmp started coverage on Backblaze in a report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price target on the stock. JMP Securities raised their price target on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Finally, Needham & Company LLC raised their price target on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $10.07.
Check Out Our Latest Stock Report on Backblaze
Backblaze Trading Up 4.2%
BLZE traded up $0.37 during trading on Monday, reaching $9.07. The company had a trading volume of 452,612 shares, compared to its average volume of 470,754. The firm's 50-day simple moving average is $6.47 and its 200 day simple moving average is $5.67. The company has a market cap of $512.23 million, a price-to-earnings ratio of -10.18 and a beta of 1.19. Backblaze, Inc. has a 12-month low of $3.94 and a 12-month high of $8.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08.
Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The company had revenue of $36.30 million during the quarter, compared to analysts' expectations of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current year.
About Backblaze
(
Free Report)
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.
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