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

Backblaze, Inc. (NASDAQ:BLZE) has been given an average rating of “Buy” by the six research firms that are presently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have covered the stock in the last year is $10.83.

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

Backblaze Stock Up 6.2 %

BLZE stock opened at $5.50 on Tuesday. The firm’s 50-day moving average is $6.34 and its two-hundred day moving average is $6.50. The company has a market capitalization of $244.20 million, a price-to-earnings ratio of -4.95 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze has a 52 week low of $4.91 and a 52 week high of $10.84.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its stake in Backblaze by 241.8% in the third quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock valued at $801,000 after acquiring an additional 88,652 shares during the last quarter. State Street Corp raised its stake in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after purchasing an additional 138,917 shares during the last quarter. Geode Capital Management LLC raised its stake in Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after purchasing an additional 21,593 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Backblaze during the 3rd quarter valued at $944,000. Finally, Barclays PLC raised its stake in Backblaze by 124.4% during the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock valued at $500,000 after purchasing an additional 43,354 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.