Backblaze, Inc. (NASDAQ:BLZE) Short Interest Up 32.8% in February

Backblaze, Inc. (NASDAQ:BLZE) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 620,900 shares, an increase of 32.8% from the February 13th total of 467,700 shares. Based on an average daily volume of 397,100 shares, the short-interest ratio is currently 1.6 days. Approximately 1.7% of the company’s stock are sold short.

Hedge Funds Weigh In On Backblaze

Several large investors have recently modified their holdings of BLZE. AWM Investment Company Inc. increased its stake in shares of 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 purchasing an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC purchased a new position in shares of Backblaze in the fourth quarter worth about $10,836,000. Thompson Siegel & Walmsley LLC purchased a new position in shares of Backblaze in the fourth quarter worth about $2,956,000. P.A.W. Capital Corp purchased a new position in shares of Backblaze in the fourth quarter worth about $1,926,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Backblaze in the fourth quarter worth about $1,618,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

Shares of BLZE stock opened at $5.18 on Monday. The firm has a market cap of $229.99 million, a price-to-earnings ratio of -4.67 and a beta of 0.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze has a 52 week low of $4.91 and a 52 week high of $10.84. The firm’s 50-day simple moving average is $6.36 and its two-hundred day simple moving average is $6.50.

Analysts Set New Price Targets

Several brokerages have recently commented on BLZE. Lake Street Capital lowered their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Needham & Company LLC began coverage on shares of Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, B. Riley lowered their price objective 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $10.83.

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.