Trexquant Investment LP Acquires 56,176 Shares of 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 increased its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 38.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 201,567 shares of the company's stock after buying an additional 56,176 shares during the quarter. Trexquant Investment LP owned 0.37% of Backblaze worth $974,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BLZE. Wells Fargo & Company MN lifted its position in shares of Backblaze by 28.5% during the 4th quarter. Wells Fargo & Company MN now owns 28,684 shares of the company's stock worth $173,000 after buying an additional 6,357 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of 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 buying an additional 5,293 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after buying an additional 1,992 shares during the last quarter. Northern Trust Corp lifted its position in shares of Backblaze by 21.5% during the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company's stock worth $2,291,000 after buying an additional 67,281 shares during the last quarter. Finally, Jane Street Group LLC raised its position in Backblaze by 106.8% in the fourth quarter. Jane Street Group LLC now owns 51,500 shares of the company's stock valued at $310,000 after purchasing an additional 26,593 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on BLZE shares. JMP Securities increased their target price on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Needham & Company LLC increased their target price on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Citizens Jmp started coverage on Backblaze in a research report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company. 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. According to data from MarketBeat, Backblaze currently has a consensus rating of "Buy" and an average price target of $10.07.

Backblaze Trading Down 0.1%

Shares of BLZE stock traded down $0.01 on Friday, hitting $9.45. The company had a trading volume of 914,460 shares, compared to its average volume of 719,683. The firm has a market cap of $533.93 million, a P/E ratio of -10.62 and a beta of 1.20. The stock's 50-day moving average is $6.87 and its two-hundred day moving average is $5.78. 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 twelve month low of $3.94 and a twelve month high of $9.92.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly 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). The company had revenue of $36.30 million during the quarter, compared to analyst estimates 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. On average, equities research analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

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.