Connor Clark & Lunn Investment Management Ltd. Buys 186,124 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 36.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 696,519 shares of the company's stock after purchasing an additional 186,124 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 1.28% of Backblaze worth $3,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AWM Investment Company Inc. grew its stake in shares of Backblaze by 2,664.4% during the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company's stock worth $16,755,000 after acquiring an additional 2,682,480 shares during the period. Geode Capital Management LLC grew its stake in shares of Backblaze by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock worth $5,273,000 after acquiring an additional 11,267 shares during the period. Millennium Management LLC grew its stake in shares of Backblaze by 21.2% during the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company's stock worth $3,749,000 after acquiring an additional 108,884 shares during the period. Renaissance Technologies LLC boosted its stake in Backblaze by 40.7% in the 4th quarter. Renaissance Technologies LLC now owns 545,513 shares of the company's stock worth $3,284,000 after purchasing an additional 157,897 shares during the period. Finally, P.A.W. Capital Corp boosted its stake in Backblaze by 25.0% in the 1st quarter. P.A.W. Capital Corp now owns 400,000 shares of the company's stock worth $1,932,000 after purchasing an additional 80,000 shares during the period. Institutional investors own 54.03% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on BLZE shares. Citizens Jmp started coverage on Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company. JMP Securities lifted their price target on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC lifted their price target on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research report on Thursday, August 7th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $10.07.

Backblaze Stock Performance

BLZE traded up $0.06 during midday trading on Friday, reaching $7.68. The company had a trading volume of 415,210 shares, compared to its average volume of 616,052. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average of $5.61 and a two-hundred day moving average of $5.55. The company has a market cap of $433.92 million, a P/E ratio of -8.63 and a beta of 1.13. Backblaze, Inc. has a 1 year low of $3.94 and a 1 year high of $8.16.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. The business had revenue of $36.30 million for the quarter, compared to analysts' expectations of $35.41 million. As a group, equities research analysts predict that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

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.