Corton Capital Inc. Acquires New Stake in Backblaze, Inc. (NASDAQ:BLZE)

Corton Capital Inc. acquired a new stake in shares of Backblaze, Inc. (NASDAQ:BLZE) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 10,716 shares of the company’s stock, valued at approximately $52,000.

Several other hedge funds have also made changes to their positions in BLZE. AWM Investment Company Inc. lifted its holdings in shares of Backblaze by 2,664.4% in the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after buying an additional 2,682,480 shares during the period. AIGH Capital Management LLC purchased a new stake in shares of Backblaze in the 4th quarter worth $10,836,000. Raymond James Financial Inc. purchased a new stake in shares of Backblaze in the 4th quarter worth $1,618,000. Renaissance Technologies LLC lifted its holdings in shares of Backblaze by 40.7% in the 4th quarter. Renaissance Technologies LLC now owns 545,513 shares of the company’s stock worth $3,284,000 after buying an additional 157,897 shares during the period. Finally, Manatuck Hill Partners LLC purchased a new stake in shares of Backblaze in the 4th quarter worth $903,000. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Trading Up 0.6%

Shares of NASDAQ BLZE opened at $5.45 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $299.21 million, a P/E ratio of -5.40 and a beta of 1.14. Backblaze, Inc. has a 1-year low of $3.94 and a 1-year high of $8.08. The business has a fifty day moving average price of $5.44 and a 200 day moving average price of $5.54.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citizens Jmp assumed coverage on Backblaze in a report on Tuesday, June 24th. They issued a “strong-buy” rating and a $7.00 target price for the company. JMP Securities assumed coverage on Backblaze in a report on Tuesday, June 24th. They issued a “market outperform” rating and a $7.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $9.88.

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.