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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been given an average rating of “Buy” by the six research 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 brokerages that have updated their coverage on the stock in the last year is $10.83.

A number of equities analysts have weighed in on the stock. B. Riley cut their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Lake Street Capital cut their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, Needham & Company LLC began coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target for the company.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in shares of Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after buying an additional 138,917 shares during the period. Jane Street Group LLC purchased a new stake in shares of Backblaze during the third quarter valued at approximately $159,000. Barclays PLC lifted its position in shares of Backblaze by 124.4% during the third quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Backblaze by 2.6% during the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after purchasing an additional 21,593 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock valued at $801,000 after purchasing an additional 88,652 shares in the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Trading Down 1.1 %

Shares of BLZE stock opened at $4.41 on Wednesday. The firm’s 50-day simple moving average is $5.17 and its 200-day simple moving average is $6.18. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Backblaze has a 1-year low of $3.94 and a 1-year high of $10.00. The firm has a market cap of $239.46 million, a P/E ratio of -3.97 and a beta of 1.02.

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.