Backblaze, Inc. (NASDAQ:BLZE) Receives $11.40 Consensus Price Target from Analysts

Backblaze, Inc. (NASDAQ:BLZE) has received a consensus recommendation of “Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $10.83.

Several equities analysts have recently commented on the company. B. Riley decreased their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Needham & Company LLC began coverage on Backblaze in a research report on Tuesday. They issued a “buy” rating and a $8.00 price target on the stock. Finally, Lake Street Capital reduced their price target on 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 Backblaze stock opened at $4.98 on Tuesday. Backblaze has a 52 week low of $4.91 and a 52 week high of $11.00. The business’s fifty day simple moving average is $6.41 and its 200-day simple moving average is $6.52. The firm has a market cap of $221.11 million, a PE ratio of -4.49 and a beta of 0.89. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in Backblaze during the 4th quarter worth approximately $38,000. Tower Research Capital LLC TRC lifted its holdings in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock valued at $42,000 after buying an additional 5,293 shares during the period. ProShare Advisors LLC acquired a new stake in shares of Backblaze in the 4th quarter valued at approximately $68,000. Quantbot Technologies LP lifted its holdings in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after buying an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings 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 purchasing an additional 1,992 shares during the last quarter. 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.