Backblaze, Inc. (NASDAQ:BLZE) Given Average Recommendation of "Buy" by Analysts

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

Several research firms have issued reports on BLZE. Needham & Company LLC started coverage on Backblaze in a report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective on the stock. Lake Street Capital decreased their price target on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Finally, B. Riley cut their price target on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, February 18th.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently made changes to their positions in BLZE. Goldman Sachs Group Inc. lifted its stake in Backblaze by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company's stock worth $1,264,000 after purchasing an additional 55,720 shares during the last quarter. Millennium Management LLC lifted its position in shares of Backblaze by 32.5% in the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company's stock worth $3,987,000 after buying an additional 202,609 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Backblaze by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock worth $131,000 after buying an additional 4,060 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Backblaze in the 1st quarter valued at about $426,000. Finally, AWM Investment Company Inc. grew its position 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. 54.03% of the stock is currently owned by institutional investors.

Backblaze Stock Up 5.7%

Shares of NASDAQ BLZE traded up $0.32 during midday trading on Friday, reaching $5.95. 604,852 shares of the company's stock were exchanged, compared to its average volume of 399,377. 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 $3.94 and a 52-week high of $8.08. The business's fifty day moving average price is $4.90 and its two-hundred day moving average price is $5.88. The stock has a market capitalization of $326.66 million, a PE ratio of -5.36 and a beta of 1.03.

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.