Backblaze, Inc. (NASDAQ:BLZE) Receives $10.83 Consensus Target Price from Analysts

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given a consensus recommendation of "Buy" by the six research firms that are covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $10.83.

A number of analysts have recently issued reports on BLZE shares. Needham & Company LLC started coverage on shares of Backblaze in a research note on Tuesday, March 11th. They set a "buy" rating and a $8.00 target price for the company. B. Riley lowered their target price on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Finally, 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 research note on Wednesday, February 26th.

Backblaze Price Performance

Shares of BLZE stock traded down $0.09 on Friday, reaching $5.86. The company's stock had a trading volume of 328,685 shares, compared to its average volume of 399,114. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock's fifty day simple moving average is $4.91 and its 200-day simple moving average is $5.88. The company has a market capitalization of $321.71 million, a price-to-earnings ratio of -5.29 and a beta of 1.03. Backblaze has a 1 year low of $3.94 and a 1 year high of $8.08.

Institutional Trading of Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in shares of Backblaze by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company's stock valued at $1,264,000 after acquiring an additional 55,720 shares in the last quarter. Millennium Management LLC raised its holdings in shares of 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Backblaze by 17.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock valued at $131,000 after acquiring an additional 4,060 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of Backblaze in the first quarter valued at about $426,000. Finally, AWM Investment Company Inc. raised its holdings in Backblaze by 9.4% in the first quarter. AWM Investment Company Inc. now owns 3,043,926 shares of the company's stock worth $14,702,000 after purchasing an additional 260,768 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors.

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.