Backblaze, Inc. (NASDAQ:BLZE) Receives $10.83 Consensus PT from Analysts

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received a consensus rating of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $10.83.

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

Hedge Funds Weigh In On Backblaze

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

Backblaze Stock Performance

Shares of BLZE stock opened at $4.56 on Friday. The stock has a market cap of $247.61 million, a P/E ratio of -4.11 and a beta of 1.02. The company has a fifty day moving average price of $5.81 and a two-hundred day moving average price of $6.34. Backblaze has a one year low of $4.07 and a one year high of $10.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

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.