Whetstone Capital Advisors LLC Decreases Stock Position in Backblaze, Inc. $BLZE

Whetstone Capital Advisors LLC trimmed its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 42.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 697,083 shares of the company’s stock after selling 523,019 shares during the period. Backblaze makes up about 1.5% of Whetstone Capital Advisors LLC’s investment portfolio, making the stock its 19th largest holding. Whetstone Capital Advisors LLC owned 1.28% of Backblaze worth $3,367,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BLZE. JPMorgan Chase & Co. raised its stake in shares of Backblaze by 114.7% in the fourth quarter. JPMorgan Chase & Co. now owns 269,074 shares of the company’s stock worth $1,620,000 after purchasing an additional 143,754 shares during the last quarter. Geode Capital Management LLC increased its holdings in Backblaze by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock worth $5,273,000 after buying an additional 11,267 shares in the last quarter. Wells Fargo & Company MN raised its position in Backblaze by 28.5% in the 4th quarter. Wells Fargo & Company MN now owns 28,684 shares of the company’s stock worth $173,000 after buying an additional 6,357 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Backblaze by 40.7% during the 4th quarter. Renaissance Technologies LLC now owns 545,513 shares of the company’s stock valued at $3,284,000 after acquiring an additional 157,897 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Backblaze during the 4th quarter valued at about $1,618,000. Institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

Shares of NASDAQ BLZE opened at $7.65 on Thursday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24. Backblaze, Inc. has a 12-month low of $3.94 and a 12-month high of $8.16. The firm has a market capitalization of $432.23 million, a price-to-earnings ratio of -8.60 and a beta of 1.13. The firm has a 50 day moving average of $5.73 and a 200 day moving average of $5.59.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The business had revenue of $36.30 million for the quarter, compared to analysts’ expectations of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, research analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. JMP Securities boosted their price objective on shares of Backblaze from $7.00 to $8.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Needham & Company LLC lifted their target price on shares of Backblaze from $7.00 to $8.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Citizens Jmp assumed coverage on Backblaze in a report on Tuesday, June 24th. They set a “strong-buy” rating and a $7.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $10.07.

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.