Backblaze, Inc. (NASDAQ:BLZE) Receives Average Rating of "Buy" from Analysts

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given an average recommendation of "Buy" by the five analysts that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $11.40.

A number of brokerages have issued reports on BLZE. Needham & Company LLC started coverage on shares of Backblaze in a research report on Tuesday. They issued a "buy" rating and a $8.00 target price on the stock. B. Riley reduced their target price on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a report on Tuesday, February 18th. Finally, Lake Street Capital decreased 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.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently added to or reduced their stakes in BLZE. AWM Investment Company Inc. lifted its holdings in Backblaze by 2,664.4% in the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company's stock valued at $16,755,000 after acquiring an additional 2,682,480 shares during the period. AIGH Capital Management LLC purchased a new position in shares of Backblaze in the 4th quarter valued at about $10,836,000. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Backblaze in the fourth quarter valued at about $2,956,000. P.A.W. Capital Corp purchased a new stake in Backblaze during the fourth quarter worth about $1,926,000. Finally, Raymond James Financial Inc. acquired a new position in Backblaze during the fourth quarter worth about $1,618,000. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

Shares of Backblaze stock opened at $4.98 on Tuesday. Backblaze has a one year low of $4.91 and a one year high of $11.70. The business has a 50-day simple moving average of $6.47 and a 200-day simple moving average of $6.55. 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 PE ratio of -4.49 and a beta of 0.89.

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.

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