Nano Cap New Millennium Growth Fund L P Takes $1.17 Million Position in Backblaze, Inc. $BLZE

Nano Cap New Millennium Growth Fund L P acquired a new stake in Backblaze, Inc. (NASDAQ:BLZE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 250,000 shares of the company’s stock, valued at approximately $1,165,000.

Other large investors also recently modified their holdings of the company. ProShare Advisors LLC bought a new position in shares of Backblaze in the fourth quarter valued at about $47,000. AXQ Capital LP bought a new position in shares of Backblaze in the third quarter valued at about $96,000. M&T Bank Corp bought a new position in shares of Backblaze in the fourth quarter valued at about $49,000. Occudo Quantitative Strategies LP bought a new position in shares of Backblaze in the second quarter valued at about $58,000. Finally, New York State Common Retirement Fund raised its position in shares of Backblaze by 909.1% in the third quarter. New York State Common Retirement Fund now owns 11,100 shares of the company’s stock valued at $103,000 after purchasing an additional 10,000 shares during the period. 54.03% of the stock is owned by institutional investors.

Backblaze Trading Down 0.8%

Shares of Backblaze stock opened at $7.37 on Friday. The company has a market capitalization of $442.94 million, a price-to-earnings ratio of -18.90 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. Backblaze, Inc. has a 12-month low of $3.26 and a 12-month high of $10.86. The firm’s 50-day moving average price is $4.70 and its two-hundred day moving average price is $4.75.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $38.67 million for the quarter, compared to the consensus estimate of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. On average, analysts forecast that Backblaze, Inc. will post -0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BLZE has been the topic of several research analyst reports. Citizens Jmp reissued a “market outperform” rating and issued a $8.00 price objective on shares of Backblaze in a research report on Tuesday, May 5th. Lake Street Capital increased their price objective on shares of Backblaze from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Craig Hallum lowered shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective on the stock. in a research report on Tuesday, February 24th. Needham & Company LLC increased their price objective on shares of Backblaze from $6.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, Oppenheimer decreased their price target on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.00.

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.