D. E. Shaw & Co. Inc. Raises Stake in Backblaze, Inc. (NASDAQ:BLZE)

D. E. Shaw & Co. Inc. boosted its stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 302.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,994 shares of the company's stock after purchasing an additional 87,194 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.26% of Backblaze worth $698,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BLZE. JPMorgan Chase & Co. grew its position in Backblaze by 241.8% in the third quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company's stock valued at $801,000 after acquiring an additional 88,652 shares during the period. Blair William & Co. IL acquired a new stake in shares of Backblaze during the 4th quarter worth approximately $185,000. Penbrook Management LLC bought a new stake in shares of Backblaze during the 4th quarter valued at $288,000. Virtu Financial LLC acquired a new position in Backblaze in the fourth quarter valued at about $117,000. Finally, XTX Topco Ltd boosted its stake in Backblaze by 18.3% during the 4th quarter. XTX Topco Ltd now owns 85,781 shares of the company's stock worth $516,000 after acquiring an additional 13,261 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. B. Riley dropped their price target on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, February 18th. 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. Finally, Needham & Company LLC began coverage on Backblaze in a research note on Tuesday, March 11th. They issued a "buy" rating and a $8.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Backblaze presently has a consensus rating of "Buy" and a consensus price target of $10.83.

Backblaze Stock Down 3.4%

BLZE traded down $0.20 during trading on Thursday, hitting $5.65. 237,923 shares of the company's stock were exchanged, compared to its average volume of 400,396. Backblaze, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $8.08. The stock has a market cap of $310.19 million, a P/E ratio of -5.09 and a beta of 1.03. The business's 50 day moving average is $4.92 and its two-hundred day moving average is $5.87. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

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.