B. Riley Issues Pessimistic Forecast for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its price objective cut by stock analysts at B. Riley from $11.50 to $11.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s target price would suggest a potential upside of 51.52% from the stock’s current price.

BLZE has been the subject of several other reports. Raymond James raised their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Craig Hallum raised their price target on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

Backblaze Price Performance

Shares of BLZE opened at $7.26 on Tuesday. The stock has a market capitalization of $322.34 million, a P/E ratio of -6.54 and a beta of 0.92. Backblaze has a twelve month low of $4.91 and a twelve month high of $12.65. The company has a 50 day moving average of $6.48 and a 200-day moving average of $6.50. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Insider Activity at Backblaze

In related news, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the transaction, the vice president now directly owns 144,566 shares of the company’s stock, valued at approximately $928,113.72. This trade represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of the transaction, the chief executive officer now directly owns 1,864,646 shares of the company’s stock, valued at $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Backblaze

Hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd bought a new position in shares of Backblaze in the fourth quarter worth $38,000. Tower Research Capital LLC TRC grew its position in Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock valued at $42,000 after acquiring an additional 5,293 shares during the last quarter. ProShare Advisors LLC bought a new position in Backblaze in the fourth quarter valued at about $68,000. Quantbot Technologies LP grew its position in 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 last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in 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 during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Company Profile

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.