PDT Partners LLC Has $550,000 Stake in Backblaze, Inc. $BLZE

Key Points

• PDT Partners LLC significantly increased its stake in Backblaze, Inc. by 163.8%, acquiring an additional 70,688 shares, bringing its total holdings to 113,848 shares valued at approximately $550,000.
• Backblaze reported a loss of $0.12 earnings per share for the most recent quarter, missing analyst estimates, despite having a revenue of $36.30 million compared to expectations of $35.41 million.
• Analysts have a consensus “Buy” rating for Backblaze, with a target price of $10.07, reflecting a positive outlook on the company’s performance.

PDT Partners LLC increased its position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 163.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,848 shares of the company's stock after purchasing an additional 70,688 shares during the period. PDT Partners LLC owned 0.21% of Backblaze worth $550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in 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 in the last quarter. Corebridge Financial Inc. grew its position in Backblaze by 13.4% during the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock worth $109,000 after purchasing an additional 2,665 shares in the last quarter. Bank of New York Mellon Corp grew its position in Backblaze by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 88,945 shares of the company's stock worth $430,000 after purchasing an additional 4,505 shares in the last quarter. Cerity Partners LLC grew its position in Backblaze by 5.2% during the 1st quarter. Cerity Partners LLC now owns 105,238 shares of the company's stock worth $508,000 after purchasing an additional 5,168 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Backblaze by 300.9% during 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. Institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

Shares of BLZE traded up $0.03 during trading hours on Wednesday, reaching $9.25. 142,156 shares of the company traded hands, compared to its average volume of 474,412. The stock's fifty day moving average is $6.62 and its 200 day moving average is $5.71. The stock has a market cap of $522.63 million, a P/E ratio of -10.38 and a beta of 1.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08. Backblaze, Inc. has a 1-year low of $3.94 and a 1-year high of $9.40.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The business had revenue of $36.30 million during the quarter, compared to the consensus estimate of $35.41 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BLZE. Citizens Jmp began coverage on shares of Backblaze in a research report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective on the stock. Needham & Company LLC boosted their price target on shares of Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, JMP Securities boosted their price target on shares of Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $10.07.

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.