Trexquant Investment LP Boosts Stock Holdings in Backblaze, Inc. $BLZE

Key Points

• Trexquant Investment LP increased its stake in Backblaze, Inc. by 38.6%, owning 201,567 shares valued at approximately $974,000 after purchasing an additional 56,176 shares.
• Several institutional investors have also adjusted their positions in Backblaze, contributing to a total institutional ownership of 54.03% in the company.
• Wall Street analysts maintain a consensus rating of "Buy" for Backblaze, with an average target price of $10.07.

Trexquant Investment LP boosted its holdings in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 38.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,567 shares of the company's stock after buying an additional 56,176 shares during the period. Trexquant Investment LP owned approximately 0.37% of Backblaze worth $974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BLZE. Corebridge Financial Inc. increased its position in shares of Backblaze by 13.4% during the first quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock valued at $109,000 after buying an additional 2,665 shares during the period. Virtus Advisers LLC purchased a new stake in Backblaze during the 1st quarter worth approximately $233,000. EntryPoint Capital LLC boosted its holdings in shares of Backblaze by 214.1% in the 1st quarter. EntryPoint Capital LLC now owns 73,996 shares of the company's stock valued at $357,000 after acquiring an additional 50,438 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Backblaze by 95.4% in the 1st quarter. Hsbc Holdings PLC now owns 70,955 shares of the company's stock valued at $341,000 after acquiring an additional 34,635 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Backblaze during the first quarter valued at $109,000. 54.03% of the stock is owned by institutional investors.

Backblaze Stock Down 3.1%

Shares of BLZE traded down $0.31 during mid-day trading on Thursday, reaching $9.52. The company had a trading volume of 971,333 shares, compared to its average volume of 487,841. Backblaze, Inc. has a 52 week low of $3.94 and a 52 week high of $9.92. The company has a market capitalization of $537.60 million, a price-to-earnings ratio of -10.72 and a beta of 1.20. The firm has a 50-day moving average price of $6.71 and a 200 day moving average price of $5.74. 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 (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 company had revenue of $36.30 million for the quarter, compared to analysts' expectations of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, sell-side analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BLZE shares. Needham & Company LLC increased their target price on shares of Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research report on Thursday, August 7th. JMP Securities lifted their price target on shares of Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Finally, Citizens Jmp assumed coverage on shares of Backblaze in a report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus 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.