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

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been assigned an average rating of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $10.29.

BLZE has been the subject of a number of recent research reports. Lake Street Capital reduced their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Citizens Jmp started coverage on Backblaze in a research note on Tuesday. They set an “outperform” rating and a $7.00 price objective for the company. Finally, Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price objective on the stock.

Institutional Trading of Backblaze

Large investors have recently made changes to their positions in the business. AWM Investment Company Inc. raised its stake in shares of Backblaze by 9.4% during the 1st quarter. AWM Investment Company Inc. now owns 3,043,926 shares of the company’s stock valued at $14,702,000 after buying an additional 260,768 shares during the last quarter. AIGH Capital Management LLC acquired a new stake in Backblaze during the fourth quarter worth about $10,836,000. First Eagle Investment Management LLC grew its holdings in Backblaze by 4.5% during the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock worth $6,986,000 after acquiring an additional 49,800 shares during the period. Geode Capital Management LLC raised its position in Backblaze by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after acquiring an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Backblaze by 32.5% in the first quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock valued at $3,987,000 after acquiring an additional 202,609 shares during the period. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Stock Up 2.2%

Shares of NASDAQ:BLZE opened at $5.11 on Tuesday. The business’s 50 day moving average is $5.14 and its 200 day moving average is $5.73. The stock has a market cap of $280.54 million, a P/E ratio of -5.06 and a beta of 1.17. Backblaze has a 52-week low of $3.94 and a 52-week high of $8.08. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

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.