Backblaze, Inc. (NASDAQ:BLZE) Sees Significant Drop in Short Interest

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) saw a large decrease in short interest in January. As of January 31st, there was short interest totalling 508,800 shares, a decrease of 34.4% from the January 15th total of 776,000 shares. Based on an average daily volume of 394,300 shares, the days-to-cover ratio is currently 1.3 days. Approximately 1.4% of the company's stock are short sold.

Backblaze Stock Up 2.9 %

NASDAQ:BLZE traded up $0.21 on Tuesday, hitting $7.46. The stock had a trading volume of 807,794 shares, compared to its average volume of 286,222. 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 stock has a market cap of $331.36 million, a P/E ratio of -6.72 and a beta of 0.92. Backblaze has a 1 year low of $4.91 and a 1 year high of $12.65. The firm's fifty day simple moving average is $6.48 and its two-hundred day simple moving average is $6.50.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. B. Riley lowered their target price on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a report on Tuesday. Raymond James increased their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, Craig Hallum increased their price objective on shares of Backblaze from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Monday, October 21st.

Insider Transactions at Backblaze

In related news, CEO Gleb Budman sold 10,321 shares of the company's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $66,260.82. Following the sale, the chief executive officer now owns 1,864,646 shares in the company, valued at $11,971,027.32. This represents a 0.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Tina Cessna sold 8,874 shares of the company's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the completion of the sale, the vice president now owns 144,566 shares in the company, valued at $928,113.72. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.20% of the company's stock.

Institutional Investors Weigh In On Backblaze

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

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.