Scalar Gauge Management LLC Sells 184,147 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Scalar Gauge Management LLC decreased its position in shares of Backblaze, Inc. (NASDAQ:BLZE) by 61.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,740 shares of the company’s stock after selling 184,147 shares during the period. Backblaze accounts for 0.3% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 26th biggest holding. Scalar Gauge Management LLC owned approximately 0.26% of Backblaze worth $703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLZE. Bank of New York Mellon Corp lifted its position in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock worth $508,000 after purchasing an additional 2,105 shares during the last quarter. Verition Fund Management LLC increased its position in Backblaze by 15.4% in 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 period. EntryPoint Capital LLC lifted its holdings in shares of Backblaze by 20.8% during the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after buying an additional 4,054 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after acquiring an additional 4,393 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Backblaze by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock worth $755,000 after acquiring an additional 5,098 shares during the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Stock Performance

NASDAQ BLZE opened at $4.97 on Monday. Backblaze, Inc. has a twelve month low of $4.90 and a twelve month high of $10.52. 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 stock has a market cap of $269.87 million, a P/E ratio of -4.48 and a beta of 0.89. The company’s 50-day simple moving average is $6.19 and its 200 day simple moving average is $6.47.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Lake Street Capital cut their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC began coverage on shares of Backblaze in a research note on Tuesday, March 11th. They issued a “buy” rating and a $8.00 target price for the company. Finally, B. Riley lowered their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $10.83.

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.