Cubist Systematic Strategies LLC Sells 67,684 Shares of Backblaze, Inc. $BLZE

Key Points

• Cubist Systematic Strategies LLC has reduced its investment in Backblaze, Inc. by 36.4%, now holding a stake worth $571,000 after selling 67,684 shares in the first quarter.
• Analysts have a generally positive outlook on Backblaze, with multiple brokerages raising their price targets; for example, JMP Securities set a target of $8.00, while Needham & Company increased theirs to $8.50.
• Backblaze reported a net loss of $0.12 per share for the last quarter, missing consensus estimates, but had revenue of $36.30 million, surpassing analyst expectations.

Cubist Systematic Strategies LLC lowered its stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,198 shares of the company's stock after selling 67,684 shares during the period. Cubist Systematic Strategies LLC owned 0.22% of Backblaze worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of BLZE. D. E. Shaw & Co. Inc. grew its stake in Backblaze by 302.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 115,994 shares of the company's stock valued at $698,000 after acquiring an additional 87,194 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Backblaze during the 4th quarter valued at about $188,000. Jane Street Group LLC grew its position in shares of Backblaze by 106.8% during the fourth quarter. Jane Street Group LLC now owns 51,500 shares of the company's stock valued at $310,000 after purchasing an additional 26,593 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Backblaze by 21.5% in the fourth quarter. Northern Trust Corp now owns 380,538 shares of the company's stock worth $2,291,000 after purchasing an additional 67,281 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Backblaze by 95.4% in the first quarter. Hsbc Holdings PLC now owns 70,955 shares of the company's stock worth $341,000 after purchasing an additional 34,635 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Needham & Company LLC increased their price target on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Citizens Jmp began coverage on Backblaze in a research report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 target price for the company. Finally, JMP Securities boosted their price target on shares of Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Backblaze currently has a consensus rating of "Buy" and a consensus target price of $10.07.

Backblaze Trading Down 2.4%

Shares of Backblaze stock traded down $0.23 on Tuesday, reaching $9.55. The company had a trading volume of 478,181 shares, compared to its average volume of 761,218. The firm has a market cap of $539.58 million, a price-to-earnings ratio of -10.73 and a beta of 1.20. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.08 and a quick ratio of 1.08. The firm's 50-day moving average price is $7.04 and its two-hundred day moving average price is $5.81. Backblaze, Inc. has a 1 year low of $3.94 and a 1 year high of $9.92.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $36.30 million during the quarter, compared to the consensus estimate of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, 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.