Analysts Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $10.83

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has earned an average recommendation of "Buy" from the six ratings firms that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $10.83.

Several equities analysts have weighed in on the company. B. Riley dropped their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, February 18th. Lake Street Capital cut their price objective on Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Finally, Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They issued a "buy" rating and a $8.00 price objective on the stock.

Backblaze Stock Down 3.4%

NASDAQ:BLZE traded down $0.20 during trading hours on Friday, hitting $5.65. 237,923 shares of the company traded hands, compared to its average volume of 400,396. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm's 50-day simple moving average is $4.92 and its 200-day simple moving average is $5.87. Backblaze has a one year low of $3.94 and a one year high of $8.08. The company has a market cap of $310.19 million, a PE ratio of -5.09 and a beta of 1.03.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BLZE. R Squared Ltd bought a new stake in shares of Backblaze in the fourth quarter valued at $38,000. Tower Research Capital LLC TRC raised its stake in shares of 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 during the period. Summit Trail Advisors LLC bought a new stake in shares of Backblaze in the first quarter valued at $48,000. Corton Capital Inc. bought a new stake in shares of Backblaze in the first quarter valued at $52,000. Finally, ProShare Advisors LLC bought a new stake in shares of Backblaze in the fourth quarter valued at $68,000. 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.