Backblaze, Inc. (NASDAQ:BLZE) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts give Backblaze (NASDAQ:BLZE) a consensus recommendation of Moderate Buy from 10 covering firms (2 sell, 1 hold, 6 buy, 1 strong buy) with an average 12‑month price target of $7.21.
• Institutional activity has increased materially — Wasatch Advisors opened a ~$17.0M position and Pillsbury Lake a ~$8.06M position, Renaissance Technologies grew its stake ~94.5% to 810,752 shares — and institutions now own 54.03% of the stock.
• Market snapshot: BLZE opened at $4.10, trades in a 12‑month range of $3.26–$10.86, has a market cap of ~$246.4M and a negative P/E of -8.91, with 50/200‑day SMAs at $3.80 and $5.33 respectively.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten ratings firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $7.2143.

Several equities research analysts have recently commented on BLZE shares. Oppenheimer cut their price target on Backblaze from $9.50 to $8.50 and set an "outperform" rating for the company in a research note on Tuesday, February 24th. Lake Street Capital restated a "buy" rating on shares of Backblaze in a research note on Tuesday, February 24th. Needham & Company LLC cut their price target on Backblaze from $8.00 to $6.00 and set a "buy" rating for the company in a research note on Tuesday, February 24th. B. Riley Financial upgraded Backblaze to a "strong-buy" rating in a research note on Thursday, April 2nd. Finally, William Blair restated an "underperform" rating on shares of Backblaze in a research note on Monday, March 23rd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BLZE. Wasatch Advisors LP acquired a new position in Backblaze during the third quarter worth $17,021,000. Pillsbury Lake Capital LLC acquired a new position in Backblaze during the fourth quarter worth $8,058,000. Renaissance Technologies LLC grew its holdings in Backblaze by 94.5% during the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company's stock worth $3,778,000 after acquiring an additional 393,936 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Backblaze by 165.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company's stock worth $4,457,000 after acquiring an additional 299,672 shares during the period. Finally, Nano Cap New Millennium Growth Fund L P acquired a new position in Backblaze during the fourth quarter worth $1,165,000. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Price Performance

Backblaze stock opened at $4.10 on Monday. Backblaze has a 12 month low of $3.26 and a 12 month high of $10.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $3.80 and a 200-day simple moving average of $5.33. The stock has a market capitalization of $246.41 million, a PE ratio of -8.91 and a beta of 1.30.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.

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