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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received an average recommendation of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have covered the stock in the last year is $10.83.

Several research analysts have issued reports on the company. B. Riley cut their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Needham & Company LLC started coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target for the company. Finally, Lake Street Capital lowered their price objective 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.

Backblaze Stock Performance

Shares of BLZE stock opened at $4.74 on Friday. The firm has a 50 day moving average of $5.87 and a 200-day moving average of $6.36. The company has a market cap of $257.38 million, a price-to-earnings ratio of -4.27 and a beta of 1.02. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze has a 52 week low of $4.07 and a 52 week high of $10.11.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently bought and sold shares of BLZE. AWM Investment Company Inc. raised its holdings 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 during the last quarter. AIGH Capital Management LLC bought a new stake in shares of Backblaze during the fourth quarter valued at approximately $10,836,000. Thompson Siegel & Walmsley LLC purchased a new position in Backblaze in the 4th quarter worth approximately $2,956,000. P.A.W. Capital Corp bought a new position in Backblaze in the 4th quarter valued at approximately $1,926,000. Finally, Raymond James Financial Inc. purchased a new stake in Backblaze during the 4th quarter valued at $1,618,000. 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.