D. E. Shaw & Co. Inc. Purchases 87,194 Shares of Backblaze, Inc. (NASDAQ:BLZE)

D. E. Shaw & Co. Inc. raised its holdings in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 302.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 115,994 shares of the company's stock after buying an additional 87,194 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.26% of Backblaze worth $698,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. AIGH Capital Management LLC bought a new stake in shares of Backblaze during the fourth quarter valued at approximately $10,836,000. First Eagle Investment Management LLC boosted its position in shares of Backblaze by 4.5% during the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company's stock valued at $6,986,000 after purchasing an additional 49,800 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Backblaze by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock valued at $5,273,000 after purchasing an additional 11,267 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Backblaze by 40.7% during the fourth quarter. Renaissance Technologies LLC now owns 545,513 shares of the company's stock valued at $3,284,000 after purchasing an additional 157,897 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Backblaze by 50.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company's stock valued at $3,073,000 after buying an additional 170,513 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BLZE. Needham & Company LLC began coverage on Backblaze in a research note on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. B. Riley lowered their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Finally, Lake Street Capital lowered their price objective on Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $10.83.

Backblaze Stock Performance

Shares of NASDAQ:BLZE traded up $0.32 during midday trading on Tuesday, reaching $5.95. 604,852 shares of the company's stock traded hands, compared to its average volume of 399,377. The company has a market cap of $326.66 million, a price-to-earnings ratio of -5.36 and a beta of 1.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze, Inc. has a one year low of $3.94 and a one year high of $8.08. The stock has a 50 day moving average of $4.90 and a 200 day moving average of $5.88.

About Backblaze

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.