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

Several other institutional investors also recently made changes to their positions in BLZE. Wells Fargo & Company MN grew its holdings 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 valued at $173,000 after purchasing an additional 6,357 shares during the last quarter. Barclays PLC raised its position in shares of Backblaze by 9.1% during the 4th quarter. Barclays PLC now owns 85,288 shares of the company's stock worth $513,000 after buying an additional 7,083 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock worth $42,000 after purchasing an additional 5,293 shares in the last quarter. Price T Rowe Associates Inc. MD raised 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 valued at $89,000 after acquiring an additional 1,992 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Backblaze by 21.5% during the fourth quarter. Northern Trust Corp now owns 380,538 shares of the company's stock valued at $2,291,000 after acquiring an additional 67,281 shares during the period. 54.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Needham & Company LLC upped their price objective on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. JMP Securities upped their target price on shares of Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Finally, Citizens Jmp started coverage on shares of Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $10.07.

Backblaze Stock Up 1.5%

Shares of NASDAQ BLZE traded up $0.14 during midday trading on Tuesday, reaching $9.28. The company's stock had a trading volume of 149,929 shares, compared to its average volume of 472,939. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24. Backblaze, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $9.28. The stock has a market capitalization of $524.21 million, a price-to-earnings ratio of -10.40 and a beta of 1.19. The stock has a 50 day simple moving average of $6.54 and a 200-day simple moving average of $5.69.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The firm 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. Equities research analysts predict that Backblaze, Inc. will post -1.02 earnings per share for the current year.

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.