Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Backblaze Inc (BLZE)

136 + Investors. Track Smart Money conviction in BLZE. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -8
Streak
2Q ▼
Buyers last Q
47%

Smart Money Signals — BLZE

Based on 137 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their BLZE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 93% of 3.0Y peak

93% of all-time peak
137 funds currently hold this stock — 93% of the 3.0-year high of 147 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀

Fast accumulation — +21% more funds vs a year ago

fund count last 6Q
+24 new funds entered over the past year (+21% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠

More sellers than buyers — 47% buying

69 buying79 selling
Last quarter: 79 funds reduced or exited vs 69 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-7 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 29 → 39 → 31 → 24. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌

Mixed — 35% long-term, 27% new

■ 35% conviction (2yr+) ■ 38% medium ■ 27% new
Of the 137 current holders: 48 (35%) held >2 years, 52 held 1–2 years, and 37 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎

Buying through price weakness — shares -11%, value -39%

Value
-39%
Shares
-11%
Last quarter: funds added -11% more shares while total portfolio value only changed -39%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊

Peak discovery — momentum slowing

18 → 29 → 39 → 31 → 24 new funds/Q
New funds entering each quarter: 29 → 39 → 31 → 24. BLZE is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
📊

Mixed cohorts — 37% veterans, 34% new entrants

■ 37% veterans ■ 29% 1-2yr ■ 34% new
Of 140 current holders: 52 (37%) held 2+ years, 41 held 1–2 years, 47 (34%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅

Strong quality — 28% AUM from major funds

28% from top-100 AUM funds
35 of 136 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — BLZE

In 2026 Q1, 69 hedge funds were net buyers of BLZE (24 opened a new position, 45 added to an existing one), while 79 reduced or exited (47 trimmed, 32 sold completely) — a 47% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 28% of total institutional value in BLZE is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 137.

Hedge Fund Ownership: BLZE

How many hedge funds hold BLZE — quarterly history vs. share price
Quarterly hedge fund ownership of BLZE vs. share price

Market Analysis: BLZE

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BLZE

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Backblaze Inc (BLZE) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much BLZE has moved relative to its sector benchmark (XLK) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 77d ago
BLZE
+135.2%
XLK
+43.8%

BLZE outperformed XLK by +91.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 32d ago
BLZE
+15.4%
XLK
+8.4%

Since the filing became public, BLZE outperformed XLK by +7.0% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

16 top-rated funds 1 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
1.4
/ 10
conviction
Hedge Fund Positioning: BLZE
136 + Investors

Track Smart Money conviction in BLZE. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 136 145 -6.21%
13F Shares 29M 33M -11.05%
Total Value $95M $156M -39.4%
New Positions 23 31 -8
Increased Positions 43 62 -19
Closed Positions 32 33 -1
Reduced Positions 46 37 +9
Total Calls 1 2 -50.0%
Total Puts 3 2 50.0%
PUT/CALL Ratio 3.0 1.0 Bearish

Statistics: BLZE

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
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Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

136 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BLZE. Verified SEC 13F-HR filings.

QUARTER:
Top 25 BLZE holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 P.A.W. Capital Corp 3.38% 360,000 $1.2M
2 Pillsbury Lake Capital LLC 3.06% 1,961,283 $6.8M
3 Whetstone Capital Advisors, LLC 1.82% 1,520,055 $5.2M
4 Perkins Capital Management Inc 1.10% 339,025 $1.2M
5 Nano Cap New Millennium Growth Fund L P 0.95% 295,000 $1.0M
6 AWM Investment Company, Inc. 0.53% 1,400,166 $4.8M
7 Penbrook Management LLC 0.19% 72,150 $249K
8 Prelude Capital Management, LLC 0.13% 474,006 $1.6M
9 Numerai GP LLC 0.06% 160,298 $553K
10 R Squared Ltd 0.05% 24,436 $84K
11 EntryPoint Capital, LLC 0.02% 24,691 $85K
12 Oxford Asset Management LLP 0.02% 12,617 $44K
13 CastleKnight Management LP 0.02% 293,300 $1.0M
14 Boothbay Fund Management, LLC 0.02% 356,663 $1.2M
15 State of Wyoming 0.01% 30,980 $107K
16 PDT Partners, LLC 0.01% 48,780 $168K
17 XTX Topco Ltd 0.01% 126,355 $436K
18 Connor, Clark & Lunn Investment Management Ltd. 0.01% 833,272 $2.9M
19 Renaissance Technologies LLC 0.01% 1,172,657 $4.0M
20 Bridgeway Capital Management, LLC 0.01% 85,800 $296K
21 Checchi Capital Advisers, LLC 0.01% 31,070 $107K
22 Essential Partners LLC 0.00% 4,234 $15K
23 Quantbot Technologies LP 0.00% 32,591 $112K
24 AlphaQuest LLC 0.00% 16,925 $79K
25 Regal Investment Advisors LLC 0.00% 16,686 $58K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Backblaze Inc (BLZE)

What does the Smart Money Trend signal show for BLZE?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their BLZE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for BLZE?

More sellers than buyers — 47% buying: Last quarter: 79 funds reduced or exited vs 69 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for BLZE holders?

Strong quality — 28% AUM from major funds: 35 of 136 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held BLZE?

Mixed — 35% long-term, 27% new: Of the 137 current holders: 48 (35%) held >2 years, 52 held 1–2 years, and 37 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

Is it too late to buy Backblaze Inc (BLZE) following the 2026 Q1 hedge fund 13F filings?

As of today, BLZE has moved +15.4% since the 2026 Q1 13F filing date (May 15, 2026), compared to +8.4% for the XLK sector ETF — an outperformance of +7.0%. Since the quarter end (March 31, 2026), BLZE has gained +135.2% vs +43.8% for XLK. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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