Acadian Asset Management LLC Grows Stock Holdings in Backblaze, Inc. (NASDAQ:BLZE)

Acadian Asset Management LLC increased its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 117.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 689,599 shares of the company’s stock after buying an additional 371,851 shares during the quarter. Acadian Asset Management LLC’s holdings in Backblaze were worth $7,052,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cutler Group LLC CA grew its holdings in shares of Backblaze by 553.0% during the fourth quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock worth $29,000 after buying an additional 3,318 shares during the last quarter. AJOVista LLC purchased a new stake in Backblaze in the 4th quarter valued at approximately $67,000. Dynamic Technology Lab Private Ltd purchased a new stake in Backblaze in the 4th quarter valued at approximately $76,000. Tower Research Capital LLC TRC purchased a new stake in Backblaze in the 4th quarter valued at approximately $86,000. Finally, Checchi Capital Advisers LLC purchased a new stake in Backblaze in the 1st quarter valued at approximately $318,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Up 3.6 %

BLZE traded up $0.22 during trading on Monday, reaching $6.41. The company’s stock had a trading volume of 117,593 shares, compared to its average volume of 387,288. The company’s fifty day moving average price is $6.33 and its 200-day moving average price is $8.27. Backblaze, Inc. has a 52-week low of $4.19 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. Backblaze had a negative net margin of 48.62% and a negative return on equity of 105.67%. The company had revenue of $29.97 million during the quarter, compared to the consensus estimate of $29.75 million. Research analysts forecast that Backblaze, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Francis P. Patchel sold 10,328 shares of Backblaze stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $6.45, for a total transaction of $66,615.60. Following the completion of the sale, the chief financial officer now directly owns 162,653 shares in the company, valued at approximately $1,049,111.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 20,058 shares of company stock worth $131,703. Company insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer lifted their price objective on Backblaze from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th.

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.