Penbrook Management LLC Invests $288,000 in Backblaze, Inc. (NASDAQ:BLZE)

Penbrook Management LLC purchased a new position in Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 47,875 shares of the company's stock, valued at approximately $288,000. Penbrook Management LLC owned approximately 0.11% of Backblaze at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in BLZE. Los Angeles Capital Management LLC bought a new position in shares of Backblaze in the 3rd quarter worth $944,000. State Street Corp increased its position in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company's stock valued at $3,874,000 after buying an additional 138,917 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Backblaze by 45.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company's stock valued at $2,172,000 after buying an additional 106,285 shares in the last quarter. Cerity Partners LLC acquired a new position in Backblaze during the 3rd quarter valued at about $640,000. Finally, JPMorgan Chase & Co. increased its position in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company's stock valued at $801,000 after buying an additional 88,652 shares in the last quarter. 54.03% of the stock is owned by institutional investors.

Backblaze Price Performance

Shares of NASDAQ BLZE traded down $0.11 during midday trading on Friday, hitting $6.05. The stock had a trading volume of 270,960 shares, compared to its average volume of 219,123. The company has a market capitalization of $268.62 million, a PE ratio of -5.45 and a beta of 0.92. The stock has a 50 day simple moving average of $6.43 and a 200-day simple moving average of $6.47. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. The firm 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) EPS. On average, sell-side analysts expect that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Analyst Ratings Changes

BLZE has been the topic of several recent analyst reports. Craig Hallum upped their target price on Backblaze from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Raymond James upped their target price on Backblaze from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th.

Insider Activity at Backblaze

In other Backblaze news, CEO Gleb Budman sold 10,321 shares of the firm's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of the sale, the chief executive officer now owns 1,864,646 shares of the company's stock, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Tina Cessna sold 8,874 shares of the firm's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the sale, the vice president now directly owns 144,566 shares of the company's stock, valued at approximately $928,113.72. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.20% of the company's stock.

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.