Backblaze, Inc. (NASDAQ:BLZE) Receives Average Recommendation of "Buy" from Analysts

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) has been assigned a consensus recommendation of "Buy" from the eight research firms that are covering the company, MarketBeat reports. Seven research 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 updated their coverage on the stock in the last year is $9.88.

BLZE has been the subject of a number of research analyst reports. JMP Securities initiated coverage on shares of Backblaze in a report on Tuesday, June 24th. They issued a "market outperform" rating and a $7.00 price target for the company. Citizens Jmp assumed coverage on shares of Backblaze in a report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company.

Backblaze Stock Performance

BLZE remained flat at $5.28 on Friday. 412,651 shares of the company were exchanged, compared to its average volume of 386,941. The firm has a 50 day moving average of $5.43 and a two-hundred day moving average of $5.58. The stock has a market cap of $289.87 million, a P/E ratio of -5.23 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 1.09. Backblaze has a 12-month low of $3.94 and a 12-month high of $8.08.

Institutional Investors Weigh In On Backblaze

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock worth $42,000 after purchasing an additional 5,293 shares during the period. Summit Trail Advisors LLC bought a new position in shares of Backblaze during the first quarter valued at $48,000. Corton Capital Inc. bought a new position in shares of Backblaze during the first quarter valued at $52,000. ProShare Advisors LLC bought a new position in shares of Backblaze during the fourth quarter valued at $68,000. Finally, Quantbot Technologies LP lifted its holdings in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after acquiring an additional 4,393 shares during the period. Institutional investors and hedge funds own 54.03% of the company's stock.

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.