Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) PT at $7.21

Backblaze, Inc. (NASDAQ:BLZE) has received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $7.2143.

Several equities research analysts have recently issued reports on the stock. Oppenheimer lowered their price objective on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, January 21st. Needham & Company LLC reduced their price target on shares of Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Lake Street Capital restated a “buy” rating on shares of Backblaze in a research report on Tuesday, February 24th. Finally, Citigroup restated a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th.

Hedge Funds Weigh In On Backblaze

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP bought a new stake in shares of Backblaze in the 3rd quarter worth approximately $17,021,000. Pillsbury Lake Capital LLC bought a new stake in shares of Backblaze during the fourth quarter valued at approximately $8,058,000. Renaissance Technologies LLC increased its position in shares of Backblaze by 94.5% during the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company’s stock valued at $3,778,000 after purchasing an additional 393,936 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Backblaze by 165.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company’s stock valued at $4,457,000 after purchasing an additional 299,672 shares in the last quarter. Finally, Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Backblaze in the fourth quarter valued at $1,165,000. 54.03% of the stock is currently owned by institutional investors.

Backblaze Stock Performance

BLZE opened at $3.57 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock’s 50 day moving average price is $4.01 and its two-hundred day moving average price is $5.88. The firm has a market capitalization of $214.56 million, a P/E ratio of -7.76 and a beta of 1.30. Backblaze has a 12-month low of $3.26 and a 12-month high of $10.86.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.