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

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 620,900 shares, a growth of 32.8% from the February 13th total of 467,700 shares. Based on an average trading volume of 397,100 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.7% of the company's stock are sold short.

Backblaze Price Performance

BLZE stock traded down $0.10 during trading hours on Thursday, hitting $5.42. 244,487 shares of the stock traded hands, compared to its average volume of 355,426. The stock has a 50-day simple moving average of $6.30 and a 200 day simple moving average of $6.49. The company has a market cap of $240.65 million, a P/E ratio of -4.88 and a beta of 0.89. Backblaze has a one year low of $4.91 and a one year high of $10.84. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Analyst Ratings Changes

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

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Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC purchased a new position in Backblaze during the 3rd quarter worth approximately $944,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Backblaze by 45.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company's stock valued at $2,172,000 after buying an additional 106,285 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Backblaze by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company's stock valued at $755,000 after buying an additional 5,098 shares during the period. Cerity Partners LLC purchased a new stake in Backblaze in the 3rd quarter worth about $640,000. Finally, MetLife Investment Management LLC boosted its position in Backblaze by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company's stock worth $155,000 after acquiring an additional 13,678 shares during the period. Hedge funds and other 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.