Backblaze, Inc. (NASDAQ:BLZE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been given a consensus recommendation of “Buy” by the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $9.88.

A number of equities analysts recently weighed in on the stock. JMP Securities initiated coverage on shares of Backblaze in a research note on Tuesday, June 24th. They set a “market outperform” rating and a $7.00 target price for the company. Citizens Jmp began coverage on Backblaze in a report on Tuesday, June 24th. They set a “strong-buy” rating and a $7.00 price target for the company.

Backblaze Price Performance

Backblaze stock opened at $5.28 on Friday. The firm has a 50 day moving average price of $5.43 and a two-hundred day moving average price of $5.58. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09. Backblaze has a 52-week low of $3.94 and a 52-week high of $8.08. The firm has a market cap of $289.87 million, a price-to-earnings ratio of -5.23 and a beta of 1.14.

Institutional Investors Weigh In On Backblaze

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its position 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 purchasing an additional 5,293 shares in the last quarter. Summit Trail Advisors LLC acquired a new position in Backblaze during the 1st quarter worth approximately $48,000. Corton Capital Inc. bought a new position in Backblaze in the first quarter worth approximately $52,000. ProShare Advisors LLC acquired a new stake in Backblaze in the fourth quarter valued at approximately $68,000. Finally, Quantbot Technologies LP grew its stake in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after acquiring an additional 4,393 shares during the period. 54.03% of the stock is owned by institutional investors.

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.