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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been assigned an average rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year target price 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. B. Riley decreased their target price 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. Needham & Company LLC started coverage on shares of Backblaze in a research note on Tuesday, March 11th. They set a “buy” rating and a $8.00 price objective for the company. Finally, 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 note on Wednesday, February 26th.

Backblaze Price Performance

Shares of Backblaze stock opened at $4.51 on Friday. 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 one year low of $4.33 and a one year high of $10.41. The business’s 50 day simple moving average is $6.04 and its two-hundred day simple moving average is $6.42. The stock has a market capitalization of $244.89 million, a P/E ratio of -4.06 and a beta of 0.89.

Institutional Trading of Backblaze

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

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.