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

Backblaze, Inc. (NASDAQ:BLZE) has earned an average recommendation of “Buy” from the five analysts that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $11.40.

BLZE has been the subject of a number of research analyst reports. Lake Street Capital dropped their price objective on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Needham & Company LLC assumed coverage on Backblaze in a research note on Tuesday. They set a “buy” rating and a $8.00 price target for the company. Finally, B. Riley reduced their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th.

Backblaze Price Performance

Backblaze stock opened at $4.98 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market cap of $221.11 million, a price-to-earnings ratio of -4.49 and a beta of 0.89. Backblaze has a 1 year low of $4.91 and a 1 year high of $11.70. The firm has a 50 day moving average price of $6.47 and a 200 day moving average price of $6.55.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of Backblaze by 241.8% in the third quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock valued at $801,000 after buying an additional 88,652 shares in the last quarter. State Street Corp boosted its holdings in Backblaze by 29.7% in the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after acquiring an additional 138,917 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 21,593 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Backblaze during the third quarter valued at approximately $944,000. Finally, Barclays PLC lifted its position in shares of Backblaze by 124.4% during the third quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares in the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.