Connor Clark & Lunn Investment Management Ltd. Purchases 106,285 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Connor Clark & Lunn Investment Management Ltd. boosted its position in Backblaze, Inc. (NASDAQ:BLZEFree Report) by 45.5% during the third quarter, HoldingsChannel reports. The fund owned 339,882 shares of the company’s stock after buying an additional 106,285 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Backblaze were worth $2,172,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new stake in shares of Backblaze during the 3rd quarter valued at approximately $944,000. Tempus Wealth Planning LLC bought a new stake in Backblaze during the 3rd quarter valued at $157,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Backblaze during the second quarter worth $102,000. Scalar Gauge Management LLC boosted its holdings in shares of Backblaze by 6.4% in the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock worth $1,545,000 after acquiring an additional 15,000 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Backblaze by 90.7% in the second quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock valued at $215,000 after purchasing an additional 16,577 shares in the last quarter. Institutional investors own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BLZE. Craig Hallum raised their target price on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Raymond James raised their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Oppenheimer lowered their target price on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th.

Read Our Latest Analysis on BLZE

Backblaze Stock Performance

Shares of BLZE opened at $6.60 on Tuesday. The stock has a 50-day moving average price of $6.75 and a 200-day moving average price of $6.45. The company has a market cap of $293.04 million, a PE ratio of -5.95 and a beta of 0.99. 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:BLZEGet Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The company had revenue of $32.59 million during the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter last year, the firm posted ($0.43) earnings per share. As a group, equities analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

About Backblaze

(Free Report)

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.

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Institutional Ownership by Quarter for Backblaze (NASDAQ:BLZE)

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