Backblaze (NASDAQ:BLZE) Now Covered by Analysts at JMP Securities

Stock analysts at JMP Securities started coverage on shares of Backblaze (NASDAQ:BLZE) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “market outperform” rating and a $7.00 price target on the stock. JMP Securities’ target price points to a potential upside of 34.51% from the company’s previous close.

Other research analysts also recently issued reports about the company. Needham & Company LLC initiated coverage on Backblaze in a research note on Tuesday, March 11th. They issued a “buy” rating and a $8.00 target price on the stock. Citizens Jmp began coverage on shares of Backblaze in a research report on Tuesday. They issued a “mkt outperform” rating and a $7.00 price objective on the stock. Finally, Lake Street Capital dropped their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze presently has a consensus rating of “Buy” and a consensus price target of $9.88.

Backblaze Price Performance

Shares of BLZE opened at $5.20 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09. Backblaze has a fifty-two week low of $3.94 and a fifty-two week high of $8.08. The firm has a 50-day simple moving average of $5.14 and a 200-day simple moving average of $5.73. The company has a market capitalization of $285.70 million, a price-to-earnings ratio of -5.16 and a beta of 1.17.

Institutional Trading of Backblaze

A number of institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its holdings in Backblaze by 300.9% in the fourth 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 in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of Backblaze during the 1st quarter worth approximately $48,000. Corton Capital Inc. acquired a new stake in shares of Backblaze in the 1st quarter worth approximately $52,000. ProShare Advisors LLC purchased a new position in Backblaze in the 4th quarter valued at approximately $68,000. Finally, Quantbot Technologies LP raised its holdings in Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after purchasing an additional 4,393 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.