Quantbot Technologies LP Sells 2,598 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Quantbot Technologies LP decreased its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 26.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,255 shares of the company’s stock after selling 2,598 shares during the quarter. Quantbot Technologies LP’s holdings in Backblaze were worth $46,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BLZE. Cerity Partners LLC bought a new position in shares of Backblaze during the 3rd quarter worth about $640,000. Charles Schwab Investment Management Inc. increased its stake in Backblaze by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock valued at $755,000 after acquiring an additional 5,098 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Backblaze by 45.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after acquiring an additional 106,285 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Backblaze in the 3rd quarter worth approximately $944,000. Finally, Tempus Wealth Planning LLC acquired a new stake in shares of Backblaze during the 3rd quarter worth approximately $157,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Insider Buying and Selling

In related news, CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the transaction, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. This represents a 0.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Tina Cessna sold 8,874 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the sale, the vice president now directly owns 144,566 shares in the company, valued at approximately $928,113.72. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. 5.20% of the stock is owned by corporate insiders.

Backblaze Price Performance

Shares of BLZE stock opened at $6.88 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s fifty day simple moving average is $6.84 and its 200 day simple moving average is $6.41. Backblaze, Inc. has a one year low of $4.91 and a one year high of $12.65. The firm has a market cap of $305.47 million, a price-to-earnings ratio of -6.20 and a beta of 0.91.

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

Analyst Upgrades and Downgrades

BLZE has been the subject of a number of recent research reports. Raymond James upped 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. Craig Hallum raised their price objective on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st.

Backblaze Company 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.