AIGH Capital Management LLC Invests $10.84 Million in Backblaze, Inc. (NASDAQ:BLZE)

AIGH Capital Management LLC purchased a new position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,800,000 shares of the company's stock, valued at approximately $10,836,000. Backblaze makes up 3.4% of AIGH Capital Management LLC's portfolio, making the stock its 12th biggest holding. AIGH Capital Management LLC owned about 4.05% of Backblaze at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of 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 period. Verition Fund Management LLC boosted its stake in Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company's stock worth $101,000 after purchasing an additional 2,106 shares during the period. EntryPoint Capital LLC grew its position in Backblaze by 20.8% during the 4th quarter. EntryPoint Capital LLC now owns 23,558 shares of the company's stock worth $142,000 after purchasing an additional 4,054 shares during the last quarter. Quantbot Technologies LP increased its stake in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after purchasing an additional 4,393 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Backblaze by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company's stock valued at $755,000 after buying an additional 5,098 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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Backblaze Price Performance

Shares of NASDAQ:BLZE traded down $0.35 during trading on Thursday, hitting $4.67. 273,447 shares of the stock were exchanged, compared to its average volume of 366,770. Backblaze, Inc. has a 12-month low of $4.55 and a 12-month high of $10.52. The company has a market cap of $253.58 million, a PE ratio of -4.21 and a beta of 0.89. The company has a fifty day moving average price of $6.11 and a two-hundred day moving average price of $6.44. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Analysts Set New Price Targets

Several research firms have commented on BLZE. B. Riley reduced their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Lake Street Capital lowered their price objective on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Finally, Needham & Company LLC began coverage on shares of Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $10.83.

Backblaze 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.