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

AIGH Capital Management LLC purchased a new position in Backblaze, Inc. (NASDAQ:BLZE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,800,000 shares of the company’s stock, valued at approximately $10,836,000. Backblaze comprises about 3.4% of AIGH Capital Management LLC’s holdings, making the stock its 12th biggest position. AIGH Capital Management LLC owned 4.05% of Backblaze at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Backblaze by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock worth $755,000 after purchasing an additional 5,098 shares during the period. Cerity Partners LLC bought a new position in shares of Backblaze during the 3rd quarter worth $640,000. MetLife Investment Management LLC raised its stake in Backblaze by 129.1% in the 3rd 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. Verition Fund Management LLC lifted its holdings in Backblaze by 15.4% during the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after purchasing an additional 2,106 shares during the last quarter. Finally, Scalar Gauge Management LLC boosted its position in Backblaze by 19.9% during the third quarter. Scalar Gauge Management LLC now owns 300,887 shares of the company’s stock worth $1,923,000 after purchasing an additional 50,000 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

BLZE has been the subject of a number of recent analyst reports. Needham & Company LLC initiated coverage on Backblaze in a report on Tuesday, March 11th. They set a “buy” rating and a $8.00 target price for the company. B. Riley cut their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Finally, Lake Street Capital lowered their price objective on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $10.83.

Backblaze Stock Down 4.4 %

BLZE opened at $4.97 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $6.19 and its 200 day simple moving average is $6.46. Backblaze, Inc. has a 52 week low of $4.90 and a 52 week high of $10.52. The stock has a market cap of $269.87 million, a PE ratio of -4.48 and a beta of 0.89.

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.