Scalar Gauge Management LLC Has $703,000 Stock Holdings in Backblaze, Inc. (NASDAQ:BLZE)

Scalar Gauge Management LLC lowered its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 61.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 116,740 shares of the company's stock after selling 184,147 shares during the quarter. Backblaze comprises approximately 0.3% of Scalar Gauge Management LLC's investment portfolio, making the stock its 26th biggest holding. Scalar Gauge Management LLC owned 0.26% of Backblaze worth $703,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. AIGH Capital Management LLC acquired a new stake in Backblaze in the 4th quarter valued at approximately $10,836,000. Norges Bank acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $780,000. Blair William & Co. IL bought a new stake in shares of Backblaze in the fourth quarter worth $185,000. JPMorgan Chase & Co. boosted its holdings in Backblaze by 114.7% during the fourth quarter. JPMorgan Chase & Co. now owns 269,074 shares of the company's stock worth $1,620,000 after purchasing an additional 143,754 shares during the last quarter. Finally, EntryPoint Capital LLC grew its position in Backblaze by 20.8% in the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company's stock valued at $142,000 after purchasing an additional 4,054 shares in the last quarter. Institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

Backblaze stock traded down $0.27 during midday trading on Friday, reaching $4.46. 208,027 shares of the company's stock were exchanged, compared to its average volume of 368,609. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock's 50-day simple moving average is $6.07 and its 200 day simple moving average is $6.43. The firm has a market cap of $242.18 million, a price-to-earnings ratio of -4.02 and a beta of 0.89. Backblaze, Inc. has a 52 week low of $4.33 and a 52 week high of $10.52.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Needham & Company LLC initiated coverage on shares of Backblaze in a research note on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. B. Riley dropped their target price on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, February 18th. Finally, 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 research note on Wednesday, February 26th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $10.83.

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.