Connective Capital Management LLC Makes New $600,000 Investment in Backblaze, Inc. (NASDAQ:BLZE)

Connective Capital Management LLC purchased a new position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 99,620 shares of the company's stock, valued at approximately $600,000. Backblaze accounts for 0.7% of Connective Capital Management LLC's investment portfolio, making the stock its 26th biggest position. Connective Capital Management LLC owned approximately 0.22% of Backblaze as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in shares of Backblaze in the 4th quarter valued at $38,000. Tower Research Capital LLC TRC increased its holdings in Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after buying an additional 5,293 shares during the last quarter. ProShare Advisors LLC acquired a new stake in Backblaze in the fourth quarter valued at $68,000. Quantbot Technologies LP lifted its holdings in Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock worth $70,000 after buying an additional 4,393 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after buying an additional 1,992 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Stock Performance

NASDAQ BLZE traded down $0.35 on Monday, hitting $5.63. 694,557 shares of the company's stock were exchanged, compared to its average volume of 398,551. The firm has a market cap of $309.09 million, a price-to-earnings ratio of -5.07 and a beta of 1.03. The firm's 50-day moving average price is $4.90 and its two-hundred day moving average price is $5.89. Backblaze, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $8.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 target price on the stock. B. Riley dropped their price target on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, February 18th. Finally, Lake Street Capital reduced their price objective on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $10.83.

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.