Backblaze, Inc. (NASDAQ:BLZE) Shares Acquired by XTX Topco Ltd

XTX Topco Ltd lifted its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 108.1% in the third quarter, Holdings Channel reports. The institutional investor owned 72,520 shares of the company’s stock after buying an additional 37,669 shares during the quarter. XTX Topco Ltd’s holdings in Backblaze were worth $463,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BLZE. First Eagle Investment Management LLC grew its position in shares of Backblaze by 50.6% during the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after buying an additional 367,500 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Backblaze during the third quarter worth $944,000. State Street Corp lifted its stake in Backblaze by 29.7% in the third quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after buying an additional 138,917 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Backblaze during the second quarter valued at about $701,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Backblaze by 45.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after purchasing an additional 106,285 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Trading Down 4.1 %

Shares of BLZE opened at $6.76 on Friday. The business’s 50-day moving average price is $6.91 and its 200 day moving average price is $6.42. The stock has a market capitalization of $300.14 million, a P/E ratio of -6.09 and a beta of 0.91. Backblaze, Inc. has a 1-year low of $4.91 and a 1-year high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

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

Insider Buying and Selling

In other Backblaze news, VP Tina Cessna sold 8,874 shares of Backblaze 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 transaction, the vice president now owns 144,566 shares of the company’s stock, valued at $928,113.72. The trade was a 5.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction dated Tuesday, November 26th. The shares were 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 approximately $11,971,027.32. This trade represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Raymond James lifted their target price on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Craig Hallum lifted their target price on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st.

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.