Backblaze, Inc. (NASDAQ:BLZE) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its position in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 40.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 545,513 shares of the company's stock after buying an additional 157,897 shares during the quarter. Renaissance Technologies LLC owned approximately 1.23% of Backblaze worth $3,284,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd increased its position in shares of Backblaze by 148.0% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 30,014 shares of the company's stock worth $181,000 after acquiring an additional 17,914 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Backblaze by 28.5% in the 4th quarter. Wells Fargo & Company MN now owns 28,684 shares of the company's stock valued at $173,000 after buying an additional 6,357 shares during the period. ExodusPoint Capital Management LP grew its position in shares of Backblaze by 32.2% during the fourth quarter. ExodusPoint Capital Management LP now owns 54,719 shares of the company's stock worth $329,000 after buying an additional 13,321 shares in the last quarter. Trexquant Investment LP increased its stake in shares of Backblaze by 80.5% during the fourth quarter. Trexquant Investment LP now owns 145,391 shares of the company's stock worth $875,000 after buying an additional 64,834 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Backblaze by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock valued at $5,273,000 after acquiring an additional 11,267 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Stock Performance

Shares of BLZE traded up $0.04 during midday trading on Friday, reaching $4.51. 426,653 shares of the stock were exchanged, compared to its average volume of 391,688. Backblaze, Inc. has a twelve month low of $3.94 and a twelve month high of $10.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $244.89 million, a price-to-earnings ratio of -4.06 and a beta of 1.02. The business's 50-day moving average price is $5.29 and its 200 day moving average price is $6.21.

Wall Street Analysts Forecast Growth

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

About Backblaze

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.