Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 32.8% in February

Backblaze, Inc. (NASDAQ:BLZE) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 620,900 shares, a growth of 32.8% from the February 13th total of 467,700 shares. Approximately 1.7% of the company’s shares are sold short. Based on an average daily trading volume, of 397,100 shares, the short-interest ratio is currently 1.6 days.

Backblaze Stock Up 6.2 %

Shares of Backblaze stock opened at $5.50 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze has a 12 month low of $4.91 and a 12 month high of $10.84. The business has a fifty day simple moving average of $6.34 and a 200 day simple moving average of $6.50. The stock has a market cap of $244.20 million, a PE ratio of -4.95 and a beta of 0.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new position in Backblaze in the fourth quarter valued at about $38,000. Tower Research Capital LLC TRC boosted its position in shares of Backblaze by 300.9% during the fourth 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 period. ProShare Advisors LLC acquired a new position in shares of Backblaze during the fourth quarter worth about $68,000. Quantbot Technologies LP boosted its position in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after buying an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after buying an additional 1,992 shares during the period. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. B. Riley dropped their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 target price for the company. Finally, Lake Street Capital dropped their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $10.83.

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.