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

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 970,800 shares, a growth of 65.3% from the March 15th total of 587,200 shares. Approximately 2.5% of the company's stock are short sold. Based on an average daily volume of 443,400 shares, the short-interest ratio is currently 2.2 days.

Backblaze Stock Performance

BLZE traded up $0.07 on Tuesday, hitting $4.47. The company had a trading volume of 339,931 shares, compared to its average volume of 378,021. Backblaze has a 1-year low of $4.07 and a 1-year high of $10.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company's fifty day moving average price is $5.52 and its 200 day moving average price is $6.27. The stock has a market cap of $242.72 million, a price-to-earnings ratio of -4.03 and a beta of 1.02.

Analysts Set New Price Targets

Several equities analysts have weighed in on BLZE shares. Needham & Company LLC initiated coverage on Backblaze in a research note on Tuesday, March 11th. They set a "buy" rating and a $8.00 target price on the stock. Lake Street Capital lowered their price target on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Finally, B. Riley reduced their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, February 18th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $10.83.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Backblaze by 241.8% in the 3rd 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 during the last quarter. State Street Corp lifted its stake in Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company's stock worth $3,874,000 after purchasing an additional 138,917 shares during the period. Geode Capital Management LLC boosted its position in Backblaze by 2.6% in the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company's stock valued at $5,525,000 after buying an additional 21,593 shares in the last quarter. Barclays PLC grew its holdings in Backblaze by 124.4% during the 3rd quarter. Barclays PLC now owns 78,205 shares of the company's stock worth $500,000 after acquiring an additional 43,354 shares during the last quarter. Finally, Blair William & Co. IL acquired a new stake in shares of Backblaze in the 4th quarter valued at $185,000. Institutional investors own 54.03% of the company's stock.

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.