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

Scalar Gauge Management LLC lowered its position in Backblaze, Inc. (NASDAQ:BLZE) by 61.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 portfolio, making the stock its 26th largest holding. Scalar Gauge Management LLC’s holdings in Backblaze were worth $703,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BLZE. R Squared Ltd bought a new stake in Backblaze during the 4th quarter worth about $38,000. Quantbot Technologies LP lifted its position in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after purchasing an additional 4,393 shares in the last quarter. Verition Fund Management LLC grew its stake in shares of 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. Intech Investment Management LLC acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $114,000. Finally, Virtu Financial LLC bought a new position in Backblaze in the 4th quarter worth approximately $117,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Price Performance

Shares of BLZE stock opened at $4.97 on Monday. The firm has a market capitalization of $269.87 million, a price-to-earnings ratio of -4.48 and a beta of 0.89. Backblaze, Inc. has a 12-month low of $4.90 and a 12-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 firm has a fifty day moving average of $6.19 and a 200-day moving average of $6.47.

Wall Street Analyst Weigh In

A number of brokerages have commented on BLZE. Lake Street Capital decreased 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. B. Riley decreased their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Finally, Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Backblaze presently has an average rating of “Buy” and an average target price of $10.83.

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.