Hsbc Holdings PLC Buys 34,635 Shares of Backblaze, Inc. $BLZE

Key Points

• Hsbc Holdings PLC increased its ownership in Backblaze, Inc. (NASDAQ: BLZE) by 95.4%, acquiring an additional 34,635 shares to hold a total of 70,955 shares valued at approximately $341,000.
• Institutional investors collectively own 54.03% of Backblaze, with significant stake increases from firms like Tower Research Capital LLC and R Squared Ltd in recent quarters.
• Research analysts have a positive outlook on Backblaze, raising price targets with a consensus rating of "Buy" and a target price of $10.07, despite the company's report of a larger-than-expected loss in earnings per share.

Hsbc Holdings PLC boosted its position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 95.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,955 shares of the company's stock after acquiring an additional 34,635 shares during the period. Hsbc Holdings PLC owned 0.13% of Backblaze worth $341,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Wells Fargo & Company MN increased its position in shares of Backblaze by 28.5% during the fourth quarter. Wells Fargo & Company MN now owns 28,684 shares of the company's stock worth $173,000 after purchasing an additional 6,357 shares in the last quarter. Barclays PLC boosted its stake in shares of Backblaze by 9.1% in the fourth quarter. Barclays PLC now owns 85,288 shares of the company's stock valued at $513,000 after purchasing an additional 7,083 shares during the period. Tower Research Capital LLC TRC increased its stake in Backblaze by 300.9% during the 4th 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 period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after purchasing an additional 1,992 shares during the period. Finally, Northern Trust Corp increased its position in Backblaze by 21.5% during the fourth quarter. Northern Trust Corp now owns 380,538 shares of the company's stock worth $2,291,000 after acquiring an additional 67,281 shares during the period. Institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

NASDAQ BLZE traded up $0.39 on Monday, hitting $9.09. The stock had a trading volume of 715,171 shares, compared to its average volume of 472,361. Backblaze, Inc. has a one year low of $3.94 and a one year high of $9.15. The stock has a market cap of $513.30 million, a price-to-earnings ratio of -10.21 and a beta of 1.19. The company's 50-day moving average is $6.47 and its two-hundred day moving average is $5.67. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $36.30 million for 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. On average, analysts expect that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Wall Street Analyst Weigh In

BLZE has been the subject of several research reports. Citizens Jmp initiated coverage on shares of Backblaze in a research note on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price target for the company. JMP Securities upped their target price on Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC raised their target price on Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Backblaze has an average rating of "Buy" and an average target price of $10.07.

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.