Connor Clark & Lunn Investment Management Ltd. Acquires 106,285 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 45.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 339,882 shares of the company's stock after buying an additional 106,285 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.79% of Backblaze worth $2,172,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. ClariVest Asset Management LLC boosted its position in Backblaze by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company's stock valued at $465,000 after buying an additional 2,154 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Backblaze by 84.1% during the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company's stock worth $131,000 after purchasing an additional 9,720 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Backblaze by 165.7% during the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company's stock worth $185,000 after purchasing an additional 11,289 shares during the period. Scalar Gauge Management LLC boosted its holdings in shares of Backblaze by 6.4% during the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company's stock worth $1,545,000 after purchasing an additional 15,000 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Backblaze during the second quarter worth about $102,000. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BLZE has been the subject of a number of analyst reports. Oppenheimer dropped their target price on shares of Backblaze from $11.00 to $10.00 and set an "outperform" rating for the company in a report on Friday, August 9th. Craig Hallum increased their target price on shares of Backblaze from $10.00 to $11.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Finally, Raymond James increased their target price on shares of Backblaze from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday, November 8th.

Backblaze Stock Down 4.4 %

BLZE traded down $0.29 on Tuesday, hitting $6.31. The company had a trading volume of 733,827 shares, compared to its average volume of 365,558. 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 52-week low of $4.91 and a 52-week high of $12.65. The stock has a fifty day simple moving average of $6.76 and a 200-day simple moving average of $6.44. The firm has a market capitalization of $280.16 million, a P/E ratio of -5.76 and a beta of 0.99.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The company had revenue of $32.59 million during the quarter, compared to analysts' expectations of $32.54 million. During the same quarter last year, the business earned ($0.43) earnings per share. As a group, equities analysts expect that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

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.