Trexquant Investment LP Raises Stake in Backblaze, Inc. (NASDAQ:BLZE)

Trexquant Investment LP boosted its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 80.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 145,391 shares of the company’s stock after purchasing an additional 64,834 shares during the quarter. Trexquant Investment LP’s holdings in Backblaze were worth $875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. R Squared Ltd acquired a new stake in shares of Backblaze in the fourth quarter worth $38,000. Quantbot Technologies LP boosted its holdings in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares during the last quarter. Verition Fund Management LLC grew its position in Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after purchasing an additional 2,106 shares during the period. Intech Investment Management LLC acquired a new stake in Backblaze during the 4th quarter worth about $114,000. Finally, Virtu Financial LLC purchased a new position in shares of Backblaze during the 4th quarter valued at about $117,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Stock Up 1.1 %

NASDAQ BLZE opened at $4.56 on Friday. The business has a fifty day moving average price of $5.81 and a 200 day moving average price of $6.34. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market cap of $247.61 million, a P/E ratio of -4.11 and a beta of 1.02. Backblaze, Inc. has a one year low of $4.07 and a one year high of $10.00.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BLZE. Lake Street Capital lowered their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC initiated coverage on shares of Backblaze in a report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target on the stock. Finally, B. Riley lowered their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Backblaze currently has a consensus rating of “Buy” and a consensus target price of $10.83.

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.