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

Key Points

• Analysts give Backblaze a consensus "Moderate Buy" rating from 10 brokers (7 buy, 2 sell, 1 hold) with an average 12‑month target of $7.21, though several firms (Needham, B. Riley) recently lowered their targets.
• Institutional investors own about 54.03% of the stock, with recent notable moves including Pillsbury Lake Capital's new ~$8.06M stake and large increases by XTX Topco (+96%) and Numerai GP (+156%).
• Shares opened at $3.63 (market cap ≈ $218M) and trade well below analyst targets, featuring a negative P/E (-7.89), a 52‑week range of $3.52–$10.86, and 50/200‑day moving averages of $4.14 and $6.09.

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been given an average rating of "Moderate Buy" by the ten brokerages that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $7.2143.

BLZE has been the subject of a number of recent analyst reports. Needham & Company LLC decreased their target price on Backblaze from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, February 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Backblaze in a research report on Wednesday, January 21st. Loop Capital set a $8.00 price objective on shares of Backblaze in a research note on Tuesday, February 24th. Lake Street Capital reaffirmed a "buy" rating on shares of Backblaze in a report on Tuesday, February 24th. Finally, B. Riley Financial lowered their target price on shares of Backblaze from $9.00 to $7.50 and set a "buy" rating on the stock in a research note on Tuesday, February 24th.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently made changes to their positions in BLZE. Invesco Ltd. increased its stake in shares of Backblaze by 8.3% in the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company's stock worth $206,000 after purchasing an additional 3,363 shares during the period. Pillsbury Lake Capital LLC acquired a new stake in Backblaze in the 4th quarter valued at approximately $8,058,000. XTX Topco Ltd increased its position in Backblaze by 96.0% in the 4th quarter. XTX Topco Ltd now owns 126,694 shares of the company's stock worth $590,000 after buying an additional 62,041 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Backblaze during the fourth quarter worth approximately $131,000. Finally, Numerai GP LLC grew its stake in shares of Backblaze by 156.3% in the fourth quarter. Numerai GP LLC now owns 98,425 shares of the company's stock worth $459,000 after acquiring an additional 60,018 shares during the last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $3.63 on Thursday. The stock has a market capitalization of $218.16 million, a P/E ratio of -7.89 and a beta of 1.30. The business has a 50-day moving average of $4.14 and a two-hundred day moving average of $6.09. Backblaze has a fifty-two week low of $3.52 and a fifty-two week 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.

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. 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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