Penbrook Management LLC Takes Position in Backblaze, Inc. (NASDAQ:BLZE)

Penbrook Management LLC acquired a new position in shares of Backblaze, Inc. (NASDAQ:BLZE) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 47,875 shares of the company’s stock, valued at approximately $288,000. Penbrook Management LLC owned 0.11% of Backblaze at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. R Squared Ltd purchased a new position in Backblaze during the fourth quarter worth approximately $38,000. Verition Fund Management LLC increased its holdings in shares of 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 buying an additional 2,106 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Backblaze in the 2nd quarter worth $102,000. SG Americas Securities LLC boosted its holdings in Backblaze by 46.7% in the fourth quarter. SG Americas Securities LLC now owns 19,853 shares of the company’s stock valued at $120,000 after acquiring an additional 6,322 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in Backblaze by 129.1% during the third quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock valued at $155,000 after acquiring an additional 13,678 shares during the period. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BLZE. Raymond James raised their price objective on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Craig Hallum raised their price target on shares of Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, October 21st.

Backblaze Stock Down 1.0 %

Shares of NASDAQ BLZE opened at $6.22 on Thursday. The stock has a fifty day moving average price of $6.42 and a 200 day moving average price of $6.48. The company has a market cap of $276.17 million, a P/E ratio of -5.60 and a beta of 0.92. Backblaze, Inc. has a 12-month low of $4.91 and a 12-month high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). The company had revenue of $32.59 million during the quarter, compared to analyst estimates of $32.54 million. Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. During the same quarter last year, the business posted ($0.43) EPS. Research analysts anticipate that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Insider Activity

In related news, VP Tina Cessna sold 8,874 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the transaction, the vice president now owns 144,566 shares of the company’s stock, valued at approximately $928,113.72. This represents a 5.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the sale, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

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.