Backblaze, Inc. (NASDAQ:BLZE) Position Lessened by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd decreased its stake in Backblaze, Inc. (NASDAQ:BLZE) by 72.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,100 shares of the company’s stock after selling 31,763 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Backblaze were worth $77,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Backblaze in the 2nd quarter worth approximately $102,000. SG Americas Securities LLC lifted its holdings in shares of Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock worth $131,000 after purchasing an additional 9,720 shares during the last quarter. Tempus Wealth Planning LLC bought a new stake in shares of Backblaze in the 3rd quarter worth approximately $157,000. XTX Topco Ltd lifted its holdings in shares of Backblaze by 90.7% in the 2nd quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock worth $215,000 after purchasing an additional 16,577 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Backblaze by 3,750.3% in the 2nd quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock worth $292,000 after purchasing an additional 46,241 shares during the last quarter. Institutional investors own 54.03% of the company’s stock.

Backblaze Stock Up 2.5 %

Shares of BLZE stock opened at $6.89 on Wednesday. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The stock has a market cap of $305.92 million, a PE ratio of -6.21 and a beta of 0.91. The business’s fifty day moving average is $6.81 and its 200-day moving average is $6.41. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. The firm had revenue of $32.59 million for the quarter, compared to analyst estimates of $32.54 million. During the same quarter last year, the business posted ($0.43) earnings per share. Equities analysts expect that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on BLZE. Craig Hallum lifted their target price on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Raymond James lifted their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Oppenheimer cut their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th.

Insider Activity

In related news, CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares in the company, valued at $11,971,027.32. The trade was a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Tina Cessna sold 8,874 shares of Backblaze stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the transaction, the vice president now owns 144,566 shares in the company, valued at $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.20% of the stock is owned by insiders.

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.