Backblaze, Inc. (NASDAQ:BLZE) Given Average Recommendation of “Buy” by Brokerages

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been assigned a consensus rating of “Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $10.83.

BLZE has been the topic of several analyst reports. Needham & Company LLC began coverage on shares of Backblaze in a report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 target price on the stock. Lake Street Capital cut their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, B. Riley lowered their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th.

Institutional Investors Weigh In On Backblaze

Several large investors have recently made changes to their positions in BLZE. R Squared Ltd acquired a new stake in Backblaze during the 4th quarter valued at $38,000. Tower Research Capital LLC TRC lifted its holdings in Backblaze by 300.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock valued at $42,000 after purchasing an additional 5,293 shares during the last quarter. ProShare Advisors LLC acquired a new stake in Backblaze during the 4th quarter valued at $68,000. Quantbot Technologies LP lifted its holdings in Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after purchasing an additional 1,992 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Stock Up 6.2 %

BLZE opened at $5.50 on Tuesday. The firm’s 50-day simple moving average is $6.34 and its 200-day simple moving average is $6.50. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze has a twelve month low of $4.91 and a twelve month high of $10.84. The firm has a market cap of $244.20 million, a price-to-earnings ratio of -4.95 and a beta of 0.89.

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.