Balyasny Asset Management L.P. Acquires New Shares in Backblaze, Inc. (NASDAQ:BLZE)

Balyasny Asset Management L.P. bought a new stake in Backblaze, Inc. (NASDAQ:BLZE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 32,341 shares of the company’s stock, valued at approximately $195,000. Balyasny Asset Management L.P. owned approximately 0.07% of Backblaze at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after buying an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after acquiring an additional 2,105 shares during the last quarter. EntryPoint Capital LLC grew its position in Backblaze by 20.8% in the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after acquiring an additional 4,054 shares in the last quarter. Quantbot Technologies LP grew its position in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after acquiring an additional 4,393 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Backblaze by 300.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after purchasing an additional 5,293 shares during the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Stock Performance

Shares of BLZE opened at $5.41 on Monday. The company has a market capitalization of $293.76 million, a PE ratio of -4.87 and a beta of 1.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Backblaze, Inc. has a one year low of $3.94 and a one year high of $8.08. The company’s fifty day moving average price is $4.87 and its 200 day moving average price is $5.96.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BLZE shares. Lake Street Capital decreased their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Needham & Company LLC began coverage on Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target for the company. Finally, B. Riley decreased their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $10.83.

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.