Renaissance Technologies LLC Purchases 157,897 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Renaissance Technologies LLC lifted its position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 40.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 545,513 shares of the company's stock after buying an additional 157,897 shares during the period. Renaissance Technologies LLC owned about 1.23% of Backblaze worth $3,284,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. AIGH Capital Management LLC bought a new position in Backblaze during the 4th quarter worth approximately $10,836,000. First Eagle Investment Management LLC grew its position in Backblaze by 4.5% during the 4th quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company's stock worth $6,986,000 after acquiring an additional 49,800 shares during the last quarter. Geode Capital Management LLC grew its position in Backblaze by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock worth $5,273,000 after acquiring an additional 11,267 shares during the last quarter. State Street Corp grew its position in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company's stock worth $3,874,000 after acquiring an additional 138,917 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Backblaze by 50.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company's stock worth $3,073,000 after buying an additional 170,513 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BLZE. Lake Street Capital cut their price objective on Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. B. Riley cut their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, February 18th. Finally, Needham & Company LLC started coverage on Backblaze in a research report on Tuesday, March 11th. They issued a "buy" rating and a $8.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.83.

Backblaze Stock Down 1.9 %

Backblaze stock traded down $0.09 during mid-day trading on Tuesday, hitting $4.38. The company had a trading volume of 30,665 shares, compared to its average volume of 389,822. Backblaze, Inc. has a 12 month low of $3.94 and a 12 month high of $10.00. The company has a market capitalization of $237.56 million, a PE ratio of -3.93 and a beta of 1.02. The stock's 50 day moving average price is $5.24 and its two-hundred day moving average price is $6.19. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

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.