Lake Street Capital Has Lowered Expectations for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its price target reduced by equities research analysts at Lake Street Capital from $12.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s price objective would suggest a potential upside of 64.67% from the stock’s current price.

A number of other equities analysts have also weighed in on BLZE. Raymond James boosted their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. 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 report on Tuesday, February 18th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $11.40.

Backblaze Stock Performance

Shares of NASDAQ BLZE traded up $0.35 during trading hours on Wednesday, reaching $6.68. The stock had a trading volume of 794,006 shares, compared to its average volume of 375,629. The firm has a 50-day moving average of $6.51 and a 200-day moving average of $6.57. The firm has a market cap of $296.59 million, a price-to-earnings ratio of -6.02 and a beta of 0.92. Backblaze has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Institutional Trading of Backblaze

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after purchasing an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp grew its position in Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after acquiring an additional 2,105 shares during the period. Verition Fund Management LLC lifted its holdings in Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after purchasing an additional 2,106 shares during the last quarter. EntryPoint Capital LLC grew its stake in Backblaze by 20.8% during the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after buying an additional 4,054 shares during the last quarter. Finally, Quantbot Technologies LP increased its holdings in Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.