Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) PT at $9.88

Shares of Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) have earned an average recommendation of "Buy" from the eight research firms that are presently covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $9.88.

A number of equities analysts have recently commented on BLZE shares. Citizens Jmp initiated coverage on Backblaze in a report on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price target for the company. JMP Securities began coverage on shares of Backblaze in a research note on Tuesday, June 24th. They issued a "market outperform" rating and a $7.00 price target on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BLZE. Bank of New York Mellon Corp lifted its position in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company's stock valued at $508,000 after acquiring an additional 2,105 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Backblaze in the 4th quarter worth about $1,618,000. Intech Investment Management LLC purchased a new position in shares of Backblaze during the fourth quarter valued at approximately $114,000. Virtu Financial LLC bought a new stake in Backblaze during the fourth quarter worth $117,000. Finally, Quantbot Technologies LP raised its position in 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 buying an additional 4,393 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Price Performance

BLZE stock traded down $0.03 during mid-day trading on Friday, hitting $5.39. The stock had a trading volume of 321,780 shares, compared to its average volume of 386,551. The firm has a fifty day simple moving average of $5.44 and a 200 day simple moving average of $5.57. The firm has a market capitalization of $295.91 million, a P/E ratio of -5.34 and a beta of 1.14. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.21. Backblaze has a 52 week low of $3.94 and a 52 week high of $8.08.

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.