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

Backblaze, Inc. (NASDAQ:BLZE) has received an average rating of “Buy” from the seven brokerages that are covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $10.29.

BLZE has been the topic of several recent analyst reports. Lake Street Capital lowered their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC began coverage on Backblaze in a report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target for the company. Finally, Citizens Jmp initiated coverage on Backblaze in a research report on Tuesday. They set an “outperform” rating and a $7.00 price target on the stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its holdings in Backblaze by 300.9% in the 4th 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 during the last quarter. Summit Trail Advisors LLC purchased a new position in shares of Backblaze in the first quarter valued at approximately $48,000. Corton Capital Inc. purchased a new position in shares of Backblaze in the first quarter valued at approximately $52,000. ProShare Advisors LLC acquired a new stake in shares of Backblaze in the fourth quarter worth approximately $68,000. Finally, Quantbot Technologies LP boosted its stake in shares of Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after acquiring an additional 4,393 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Stock Up 2.2%

BLZE stock opened at $5.11 on Tuesday. Backblaze has a one year low of $3.94 and a one year high of $8.08. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09. The firm’s fifty day moving average is $5.14 and its 200 day moving average is $5.73. The firm has a market cap of $280.54 million, a PE ratio of -5.06 and a beta of 1.17.

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.