Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $10.29

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have been assigned a consensus recommendation of "Buy" from the eight analysts that are currently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $9.88.

Several analysts have weighed in on BLZE shares. Citizens Jmp initiated coverage on shares of Backblaze in a research note on Tuesday. They issued a "strong-buy" rating and a $7.00 price objective for the company. JMP Securities assumed coverage on shares of Backblaze in a research report on Tuesday. They issued a "market outperform" rating and a $7.00 price target for the company. Finally, Needham & Company LLC initiated coverage on Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price target on the stock.

Backblaze Stock Performance

Shares of BLZE stock traded down $0.11 during midday trading on Tuesday, hitting $5.37. 160,503 shares of the company were exchanged, compared to its average volume of 402,877. The firm has a market capitalization of $294.54 million, a P/E ratio of -5.32 and a beta of 1.17. The firm's 50 day moving average price is $5.19 and its two-hundred day moving average price is $5.72. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09. Backblaze has a 52 week low of $3.94 and a 52 week high of $8.08.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its stake in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after purchasing an additional 5,293 shares during the last quarter. Summit Trail Advisors LLC bought a new position in Backblaze in the first quarter valued at about $48,000. Corton Capital Inc. acquired a new position in Backblaze during the first quarter worth about $52,000. ProShare Advisors LLC bought a new position in shares of Backblaze in the fourth quarter worth about $68,000. Finally, Quantbot Technologies LP boosted its stake in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after purchasing an additional 4,393 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.