Campbell & CO Investment Adviser LLC Buys New Shares in Backblaze, Inc. $BLZE

Campbell & CO Investment Adviser LLC bought a new stake in shares of Backblaze, Inc. (NASDAQ:BLZE) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 22,668 shares of the company’s stock, valued at approximately $125,000.

Other large investors have also added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Backblaze by 81.1% during the 2nd quarter. CWM LLC now owns 8,957 shares of the company’s stock worth $49,000 after buying an additional 4,012 shares in the last quarter. Corton Capital Inc. acquired a new position in shares of Backblaze during the 1st quarter valued at $52,000. R Squared Ltd boosted its stake in Backblaze by 135.3% during the first quarter. R Squared Ltd now owns 14,730 shares of the company’s stock worth $71,000 after acquiring an additional 8,470 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Backblaze in the first quarter worth $109,000. Finally, Corebridge Financial Inc. increased its stake in Backblaze by 13.4% in the first quarter. Corebridge Financial Inc. now owns 22,508 shares of the company’s stock valued at $109,000 after purchasing an additional 2,665 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BLZE. Needham & Company LLC cut their price objective on shares of Backblaze from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. JMP Securities upped their price target on Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Oppenheimer raised their price objective on Backblaze from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, October 8th. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Backblaze in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.33.

Backblaze Stock Performance

Shares of Backblaze stock opened at $4.55 on Wednesday. The company has a market cap of $262.54 million, a PE ratio of -5.11 and a beta of 1.24. Backblaze, Inc. has a 52 week low of $3.94 and a 52 week high of $10.86. The business has a 50 day moving average price of $8.99 and a 200-day moving average price of $7.09. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Thursday, November 6th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.04. The company had revenue of $37.16 million for the quarter, compared to analysts’ expectations of $36.93 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Equities analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

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.