Backblaze (NASDAQ:BLZE) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Backblaze (NASDAQ:BLZE) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $8.00 target price on the stock.

Several other research firms also recently commented on BLZE. B. Riley reduced their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Lake Street Capital reduced their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Backblaze has an average rating of “Buy” and an average price target of $10.83.

Backblaze Stock Performance

BLZE stock opened at $5.10 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $6.44 and its two-hundred day simple moving average is $6.54. Backblaze has a twelve month low of $4.91 and a twelve month high of $11.06. The firm has a market cap of $226.44 million, a price-to-earnings ratio of -4.59 and a beta of 0.89.

Hedge Funds Weigh In On Backblaze

Hedge funds have recently bought and sold shares of the business. R Squared Ltd acquired a new position in shares of Backblaze during the 4th quarter worth approximately $38,000. Tower Research Capital LLC TRC raised its stake in shares of Backblaze by 300.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after buying an additional 5,293 shares during the period. ProShare Advisors LLC acquired a new position in Backblaze during the fourth quarter worth $68,000. Quantbot Technologies LP raised its position in Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after acquiring an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after acquiring an additional 1,992 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.