Backblaze, Inc. (NASDAQ:BLZE) Receives Consensus Rating of "Buy" from Brokerages

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has been assigned a consensus rating of "Buy" from the six ratings firms that are covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $10.83.

Several research analysts have recently weighed in on BLZE shares. Needham & Company LLC assumed coverage on shares of Backblaze in a report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. B. Riley decreased their target price on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Finally, Lake Street Capital dropped their price target on Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th.

Backblaze Stock Performance

NASDAQ:BLZE traded down $0.30 during mid-day trading on Friday, reaching $4.44. The company's stock had a trading volume of 125,998 shares, compared to its average volume of 373,248. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $241.09 million, a P/E ratio of -4.00 and a beta of 1.02. The firm's fifty day moving average price is $5.87 and its two-hundred day moving average price is $6.36. Backblaze has a 12-month low of $4.07 and a 12-month high of $10.11.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AWM Investment Company Inc. increased its position 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 worth $16,755,000 after buying an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC bought a new stake in Backblaze during the 4th quarter worth approximately $10,836,000. First Eagle Investment Management LLC lifted its holdings in Backblaze by 4.5% during the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company's stock valued at $6,986,000 after purchasing an additional 49,800 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Backblaze by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company's stock valued at $5,273,000 after purchasing an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Backblaze by 21.2% in the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company's stock worth $3,749,000 after purchasing an additional 108,884 shares in the last quarter. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

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.