Backblaze, Inc. $BLZE Stake Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 95.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 351,657 shares of the company’s stock after buying an additional 172,165 shares during the quarter. JPMorgan Chase & Co. owned 0.61% of Backblaze worth $3,263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Tudor Investment Corp ET AL acquired a new stake in Backblaze during the 3rd quarter worth about $476,000. Caxton Associates LLP purchased a new stake in shares of Backblaze in the third quarter worth approximately $239,000. Wasatch Advisors LP purchased a new stake in shares of Backblaze in the third quarter worth approximately $17,021,000. Verition Fund Management LLC boosted its holdings in shares of Backblaze by 49.8% during the third quarter. Verition Fund Management LLC now owns 73,619 shares of the company’s stock worth $683,000 after purchasing an additional 24,484 shares during the period. Finally, Polymer Capital Management US LLC acquired a new stake in shares of Backblaze during the third quarter worth approximately $207,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Price Performance

NASDAQ:BLZE opened at $3.64 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. Backblaze, Inc. has a one year low of $3.26 and a one year high of $10.86. The company has a fifty day moving average price of $3.96 and a 200 day moving average price of $5.80. The stock has a market cap of $218.76 million, a P/E ratio of -7.91 and a beta of 1.30.

Analyst Upgrades and Downgrades

BLZE has been the topic of several research reports. Loop Capital set a $8.00 price objective on shares of Backblaze in a research note on Tuesday, February 24th. Lake Street Capital restated a “buy” rating on shares of Backblaze in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, January 21st. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th. Finally, William Blair reissued an “underperform” rating on shares of Backblaze in a research report on Monday, March 23rd. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.